Anyone who has rode the paycheck to paycheck roller coaster knows and loathes the term late charges. The true irony of the expression 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 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 line.
Every account has a late penalty. If you pay your rent late, you have to pay an extra processing charge. If you pay your telephone bill late, you may have to pay an another charge to have it pushed back on. Credit cards are the worst, though, because one past due payment can result in astounding past due penalty and a higher interest rate quickly. 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 reverse of your statement tells you exactly how they want the bill to show up and when - down to the very minute. If you don't follow those rules precisely, it can take more time to process your payment, thus making it late.
Automatic online payments are a good way to get around past due charge. 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 due date or even buy a stamp to mail your expense. You just have to remember to have enough cash in your account to cover at least the minimum amount due. Which brings us to our following point...
If your expenses are due at a time of the month when cash is low, you can always adjust 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 fee 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 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 Benefits to Paying on Time
If you become an on-time 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 late charge. So, keep on top of the bills, and remember, there's nothing wrong with paying early.
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