Forbearance

Forbearance is when someone asks if they can take a little break from something they owe money for. It's like when you're playing a game and you need to take a break, so you ask if you can pause it for a little bit.

Sometimes grown-ups owe money to banks or other people or companies. But if they're having a tough time and can't pay it all back right now, they can ask for forbearance. This means they can take a short break from making payments for a little bit without getting in trouble.

During the forbearance period, they don't have to pay anything at all or they may only have to pay a smaller amount than before. But it's important to know that they usually have to pay the full amount back eventually, and maybe even more than before, because of extra interest or fees.

For example, let's say someone has a loan to pay for their car, but they lost their job and can't afford to make the payments right now. They can ask for forbearance and the bank might agree to let them take a break from paying anything or only pay a small amount for a few months. This can help them get back on their feet and catch up on payments later when things are better.