Anyone who has experienced the paycheck to paycheck roller coaster knows and despises the term past due charges. The true irony of the saying is that people 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 avoid paying late, though, as it will hinder your bankbook now, and leave you with a lower credit score down the line.
Every credit has a late charge. If you pay your rent past due, you have to pay an another processing fee. If you pay your telephone bill late, you may have to pay an extra fee to have it pushed back on. Credit cards are the worst, though, because one past due 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 helpful when it comes to paying credit card accounts. All the fine print on the back 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 rules precisely, it can take longer to credit your payment, thus making it past due.
Automatic online payments are a good way to avoid late penalty. Most credit card businesses and other bill receivers allow you to set up an automatic monthly charge from your account. You can set it up to charge the minimum amount each month. You can always make an extra payment during the month, but you won’t have to worry about getting handed with a late penalty. This way you don’t have to remember the due date or even buy a stamp to mail your expense. 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 next point…
If your expenses are due at a time of the month when cash is low, you can always adjust the date your bills are due. Not everyone gets paid on the first of the month. Change your charges to fit your life.
Past due charge aren’t just a headache 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 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 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 charge 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 rewards from your credit card. Credit card companies often let a few past due payments slide in without the late charge 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.
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