Life is complicated and keeping track of due dates on your bills is just another demand on your time. “What happens if I miss a bill payment?” you might wonder. You will be charged costly fees or interest and it can affect your credit score. Your service might be cut off or put on hold until a payment is received.
If you miss a bill payment, call the company right away and explain the problem. They will appreciate your honesty and you can make arrangements to catch up.
Take these five easy steps now to avoid missing payments in the future.
- First, list all of your monthly payments, who you owe and how much it is (approximately).
- Contact each company and ask if you can change the due date so they are all due just after a pay cycle. Choose the pay cycle that is not the one when your rent or mortgage payments are due.
- Move the bill payment online. Most businesses are happy to accept payments online and they are easy to set up. You can do this through your online banking.
- Some companies let you pay the monthly amount automatically. These automatic payments are your new BFF. They keep you organized and also avoid costly late payment fees.
- One other thing. Total up these monthly amounts so that you know how much you are spending out of that pay cycle. Keep that amount in mind to be sure you leave enough in your bank account to cover the payments.
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