Here comes the next big problem for furloughed workers [View all]

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Furloughed government workers are likely missing their first paycheck of the new year on Thursday, and with that comes the potential for late credit card and mortgage payments.

The stakes are high for some federal employees. About 800,000 government workers are going without pay under the partial government shutdown, sparked by a debate between President Trump and Congress over funding a border wall. Affected employees are expected to lose an estimated $2.2 billion every paycheck, according to the Center for American Progress, a left-leaning advocacy group. Back-pay for unpaid workers is customary, but not guaranteed.

Eventually, missed payments could lead to a drop in their respective credit scores, although experts say that’s unlikely to happen immediately. These workers face a more pressing dilemma, however: There is no paycheck in sight. This partial shutdown is the second-longest in 40 years, and President Trump has said it “could be a long time” before it’s over.

Furloughed workers who have already been grappling with missed payments may have the most to lose. Credit.com has guidelines on how long it takes for a missed payment to hurt your credit score: One 30-day late payment should not cause lasting damage, unless it’s part of a persistent pattern. A late payment of 60 days will likely do more damage, again if it’s part of an ongoing problem. A 90-day late payment could hurt your score for seven years, it adds.

https://www.msn.com/en-us/money/personalfinance/here-comes-the-next-big-problem-for-furloughed-workers/ar-BBS4MPk?li=BBnb7Kz