Get Me Off The Late Fee Roller Coaster
Anyone who has rode the paycheck to paycheck roller coaster knows and despises the term late fees. The true irony of the term is that you usually don’t see it until it’s too late. Remembering and saving enough cash to pay bills on time can be difficult, especially to those with new bills to pay. It’s important to get around paying late, though, as it will hinder your bankbook now, and leave you with a lower credit score down the path.
Every credit plan has a past due fee. If you pay your rent late, you have to pay an extra processing fee. If you pay your telephone bill past due, you may have to pay an extra charge to have it turned back on. Credit card debt is the worst though, because one past due payment can result in astounding past due charges and a higher interest rate quickly. With that in mind, here are some advice on how to keep from paying past due and paying more.
Following all the guidelines is especially helpful when it comes to paying credit card accounts. All the detail print on the reverse of your statement tells you exactly how they want the expense to be paid and when – down to the exact minute. If you don’t follow those insight precisely, it can take more time to credit your payment, thus making it past due.
Instant online payments are a good way to get around late charge. Most credit card businesses and other account receivers allow you to set up an automatic monthly payment from your account. You can set it up to charge the minimum due each month. You can always make an extra payment during the month, but you won’t have to worry about getting handed with a past due charge. 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 cash in your account to make at least the minimum amount due. Which brings us to our following point…
If your bills are due at a time of the month when cash is short, you can always adjust the date your charges are due. Not everyone gets paid on the first of the month. Change your bills to fit your life.
Past due charge aren’t just a nuisance for the time being, they affect you over the long run. 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 evaluate what your monthly payments will be, your interest rate, or whether you will receive the financing 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 fee for phoning in the payment, so watch out for that.
There Are Benefits 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 late payments slide in without the late fee penalty 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 past due charge. So, keep on top of the bills, and remember, there’s nothing wrong with paying on time.
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