Anyone who has been on the paycheck to paycheck roller coaster knows and despises the term late fees. The true irony of the expression is that people usually don't see it until it's too late. Remembering and saving enough money to pay bills on time can be difficult, especially to those with new expenses to pay. It's important to avoid 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 penalty. If you pay your rent past due, you have to pay an additional processing fee. If you pay your telephone bill past due, you may have to pay an additional fee to have it pushed back on. Credit cards are the worst, though, because one past due payment can result in astounding past due fees 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 guidelines is especially worthwhile when it comes to paying credit card accounts. All the detail print on the back of your bill tells you exactly how they want the expense to arrive and when - down to the very minute. If you don't follow those info precisely, it can take longer to process your payment, thus making it past due.
Automatic online payments are a helpful way to get around past due fee. Most credit card businesses and other account receivers allow you to set up an automatic monthly charge from your account. You can set it up to pay the minimum due each month. You can always make an additional 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 due 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 due at a time of the month when money is short, you can always change the date your charges are due. Not everyone gets paid on the first of the month. Change your expenses to fit your life.
Past due charge aren't just a bother for the time being, they affect you over the long run. Poor credit scores can keep you from securing lower interest rates, which is especially important 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 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 fee for phoning in the payment, so watch out for that.
There Are Benefits to Paying on Time
If you become an reliable 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 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 early. - 30462
Every account has a past due penalty. If you pay your rent past due, you have to pay an additional processing fee. If you pay your telephone bill past due, you may have to pay an additional fee to have it pushed back on. Credit cards are the worst, though, because one past due payment can result in astounding past due fees 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 guidelines is especially worthwhile when it comes to paying credit card accounts. All the detail print on the back of your bill tells you exactly how they want the expense to arrive and when - down to the very minute. If you don't follow those info precisely, it can take longer to process your payment, thus making it past due.
Automatic online payments are a helpful way to get around past due fee. Most credit card businesses and other account receivers allow you to set up an automatic monthly charge from your account. You can set it up to pay the minimum due each month. You can always make an additional 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 due 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 due at a time of the month when money is short, you can always change the date your charges are due. Not everyone gets paid on the first of the month. Change your expenses to fit your life.
Past due charge aren't just a bother for the time being, they affect you over the long run. Poor credit scores can keep you from securing lower interest rates, which is especially important 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 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 fee for phoning in the payment, so watch out for that.
There Are Benefits to Paying on Time
If you become an reliable 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 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 early. - 30462
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