Most consumers would have less difficulty paying off their credit card debt if only they could do away with interest charges and other fees. The likelihood of interest free credit cards in the near future are slim to none but that doesn’t mean you can’t do anything about the fees associated with you account. Late payment fees have tripled in the last decade resulting in a lot of wasted money when your payment is received after the due date. Worse than paying a higher fee is the fact that this particular fee is one of the few things that is completely within your control. If you make sure your payment gets credited on or before the due date, you don’t have to worry about paying a late fee.
Do you need help getting organized? Here are a few tips to help you avoid throwing money away paying a late payment fee.
Make Your Payment When You Get The Bill – We live in a fast paced world where everyone is on the go constantly. Therefore it is not difficult to understand how someone might receive a bill, file it away to pay later and forget about the due date. If you know you are prone to forgetting due dates, you should get in the habit of paying the bill when it arrives. In doing this you no longer have to try and keep track of when the bill is due because you have sent the payment already.
Automate Your Payments – There are several options available to schedule your payments in advance, eliminating the need to ever pay a late fee again. You can use online bill pay, pre-authorized debits, or even schedule your payment on the credit card website. You may have to spend a few minutes setting up online accounts, but once that initial set up is complete all you have to do is make sure the money is in the bank.
Pay Your Bill Twice A Month – Consider scheduling two payments per month on your credit card. If you carry a balance each month or are working to pay off debt this is a great way to pay “extra” money each month while avoiding a late fee.
Get Organized – When it comes right down to it, paying your bills on time is a responsibility we all have in common. In some cases avoiding a late payment fee comes down to getting more organized. If you do not already have a budget, that should be your first step. Write down your monthly expenses, the amount and the due date. You can then schedule which bills get paid from each paycheck, ensuring you pay everything in a timely manner.