Anyone who has the paycheck to paycheck roller coaster knows and doesn't like the expression late charges. The true irony of the saying is that borrowers usually don't see it until it's too late. Remembering and saving enough money to pay bills on time can be hard, 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 road.
Every payment has a late penalty. If you pay your rent late, you have to pay an additional processing charge. If you pay your phone bill past due, you may have to pay an another charge to have it pushed back on. Credit cards are the worst, though, because one late payment can result in astounding late charges and a higher interest rate for sure. With that in mind, here are some advice on how to keep from paying late and paying more.
Following all the insight is especially important when it comes to paying credit card bills. All the small print on the back of your bill tells you exactly how they want the expense to show up and when - down to the exact minute. If you don't follow those guidelines precisely, it can take more time to credit your payment, thus making it late.
Instant online payments are a helpful way to get around past due 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 pay the minimum amount 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 charge. 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 cash in your account to make at least the minimum amount due. Which brings us to our following point...
If your expenses are coming at a time of the month when money is short, you can always adjust the date your charges are due. Not everyone gets paid on the first of the month. Change your charges to fit your life.
Late fee aren't just a bother 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 needed 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 Pluses to Paying on Time
If you become an good bill payer, you can get rewards 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 past due fee. So, keep on top of the bills, and remember, there's nothing wrong with paying on time.
Every payment has a late penalty. If you pay your rent late, you have to pay an additional processing charge. If you pay your phone bill past due, you may have to pay an another charge to have it pushed back on. Credit cards are the worst, though, because one late payment can result in astounding late charges and a higher interest rate for sure. With that in mind, here are some advice on how to keep from paying late and paying more.
Following all the insight is especially important when it comes to paying credit card bills. All the small print on the back of your bill tells you exactly how they want the expense to show up and when - down to the exact minute. If you don't follow those guidelines precisely, it can take more time to credit your payment, thus making it late.
Instant online payments are a helpful way to get around past due 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 pay the minimum amount 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 charge. 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 cash in your account to make at least the minimum amount due. Which brings us to our following point...
If your expenses are coming at a time of the month when money is short, you can always adjust the date your charges are due. Not everyone gets paid on the first of the month. Change your charges to fit your life.
Late fee aren't just a bother 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 needed 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 Pluses to Paying on Time
If you become an good bill payer, you can get rewards 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 past due fee. So, keep on top of the bills, and remember, there's nothing wrong with paying on time.
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