Subscribe Feed (RSS)Anyone who has experienced the paycheck to paycheck roller coaster knows and loathes the saying late charges. The true irony of the term is that borrowers usually don’t see it until it’s too late. Remembering and saving enough cash to pay bills on time can be hard, especially to those with new expenses to pay. It’s important to prevent paying late, though, as it will hurt your bankbook now, and leave you with a lower credit score down the road.
Every account has a past due charge. If you pay your rent past due, you have to pay an additional processing fee. If you pay your communication bill past due, you may have to pay an extra charge to have it pushed back on. Credit cards are the worst, though, because one late payment can result in astounding late penalty and a higher interest rate for sure. With that in mind, here are some tips on how to keep from paying past due and paying more.
Following all the insight is especially worthwhile when it comes to paying credit card expenses. All the small print on the reverse of your bill tells you exactly how they want the expense to show up and when – down to the very minute. If you don’t follow those rules precisely, it can take longer to credit your payment, thus making it past due.
Automatic online payments are a great way to avoid late penalty. Most credit card businesses and other bill receivers allow you to set up an automatic monthly payment from your account. You can set it up to pay the minimum amount each month. You can always make an extra payment during the month, but you won’t have to worry about getting stuck with a past due fee. This way you don’t have to remember the pay date or even buy a stamp to mail your bill. You just have to remember to have enough money in your account to make at least the minimum amount due. Which brings us to our next point…
If your expenses are coming at a time of the month when money is low, you can always change the date your expenses are due. Not everyone gets paid on the first of the month. Change your expenses to fit your life.
Late penalty aren’t just a headache for the time being, they affect you over the long term. Poor credit scores can keep you from obtaining lower interest rates, which is especially significant when it comes to mortgage payments. When asking for any loan or credit card, your credit score will be assessed to determine what your monthly payments will be, your interest rate, or whether you will receive the loan or credit card at all. If you don’t want to set up payments online, you can also pay by phone. This is a great way to pay immediately with no fears of the mailed payment arriving late. There may be an extra charge for phoning in the payment, so watch out for that.
There Are Pluses to Paying on Time
If you become an good bill payer, you can get bonuses from your credit card. Credit card companies often let a few past due payments slide in without the past due fee if you have a history of good behavior. Just make sure you ask. Keeping you as a punctual customer is more important to them than getting one late charge. So, keep on top of the bills, and remember, there’s nothing wrong with paying on time.
If expenses are owed now then don’t delay, get a fast online payday loan from Payday Loan Store or get a same day payday loans and start paying bills instead of late fees.
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