How To Get Around Paying Past Due Fees
Anyone who has been on the paycheck to paycheck roller coaster knows and loathes the saying past due charges. The true irony of the term is that you usually don’t see it until it’s too late. Remembering and saving enough money to pay expenses on time can be difficult, especially to those with new expenses to pay. It’s important to prevent paying late, though, as it will hinder your bankbook now, and leave you with a lower credit score down the path.
Every account has a late penalty. If you pay your rent past due, you have to pay an extra processing fee. If you pay your telephone bill late, you may have to pay an additional charge to have it pushed back on. Credit cards are the worst, though, because one past due payment can result in astounding past due charges and a higher interest rate immediately. With that in mind, here are some help on how to keep from paying past due and paying more.
Following all the info is especially important when it comes to paying credit card bills. All the detail print on the back of your statement tells you exactly how they want the expense to show up and when – down to the very minute. If you don’t follow those info precisely, it can take more time to credit your payment, thus making it late.
Instant online payments are a great way to prevent 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 due each month. You can always make an additional payment during the month, but you won’t have to worry about getting handed 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 cash in your account to make at least the minimum amount due. Which brings us to our next point…
If your bills are coming at a time of the month when money is short, 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.
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 getting 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 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 fee for phoning in the payment, so watch out for that.
There Are Pluses 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 late 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 penalty. So, keep on top of the bills, and remember, there’s nothing wrong with paying early.
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