Worried About Late Bills? Avoid Late Fees with These Tips
Organizing your monthly expenses is just one part of creating a monthly budget.
Once you have a handle on your monthly bills, paying those bills on time is essential to financial wellness. On-time payments go a long way to raising your credit score, making it easier to qualify for credit cards, as well as raising your credit score.
Late bills come with other consequences, too, including costly late fees. Here are some of the best ways to avoid late fees when keeping up with your monthly payments.
Tips For Avoiding Late Fees
1. Understand Your Payment Details
When you’re managing many bills at once, it’s easy to get them confused and keep up with a payment schedule.
Late bills can be easily avoided by first reviewing the details of all your bills, including each due date and monthly payments, and then organizing them all on a calendar, complete with due date alerts and regular reminders.
2. Sign Up For Automatic Payments
You can take the guesswork out of paying bills by enrolling in automatic payments, arguably the most effective way to make late bills a thing of the past.
With automatic payments managed through a bank or an individual lender, you can set the day each month that a bill is paid and the amount that will be automatically drafted from an account of your choice.
You can also make automatic payments on credit cards to avoid late bills, choosing either to pay the minimum balance or a different amount monthly.
3. Choose The Right Card
There are dozens of top credit cards to choose from, but if you’ve struggled with late bills in the past or think you might have trouble managing more bill payments in the future, one approach is picking a card that doesn’t include late fees.
Good payment history is vital to maintaining a good credit score; about 35% of your FICO Score is determined by your on-time bill payment history.
Sometimes, even one late payment can impact your score. To avoid late fees, look for a credit card to qualify for that offers no late fees. Such cards may come with more restrictions such as lower-than-usual credit limits, but the pros may greatly outweigh the cons.
4. Get Some Assistance
While it’s easy for many to avoid late fees by such approaches as automatic payments, sometimes a little extra help is needed. That’s where account managers come in.
Such professionals can help you keep track of bill documents, make sure you pay bills on time, and even create more manageable payment plans. Account managers often charge hefty fees, but if you can afford it and have numerous bills to keep track of each month, they may be worth it.
5. Reach Out To Your Lender
Since late bills can potentially wreak havoc on your credit score and make a lasting impact on your financial security, consider taking a proactive approach to combating late payments.
If you’ve missed a payment, sometimes all it takes to fix the issue is having a chat with a credit card issuer or lender about your mistake, what led to it, and the steps you’re taking to not let it happen again.
If you’re a customer in good standing, you’ll be surprised by how often a company may forgive you and move on.
6. Adjust Your Due Dates
When you’re juggling several bills a month, exactly when you pay each may need to be mapped out carefully. Sometimes late bills occur if due dates are not spread out well or are due way before or too long after a regular payday. Often you can change credit card due dates online.
7. Take Advantage Of A Car Title Loan
Late bills can put your financial well-being at serious risk. If you’re having trouble managing payments while dealing with other financial emergencies at the same time, a car title loan is an option for relief.
A car title loan from New Mexico Title Loans, Inc. offers a short-term loan designed to help you take care of pressing financial emergencies and get back on your best financial footing quickly and easily. It can take just 30 minutes to qualify for a car title loan of up to $10,000.
How To Get A Car Title Loan
To get started just head to our homepage. After filling out the short car title loan inquiry form, we’ll give you a call to review the few items required to secure a title loan, answer any questions you have, and walk you through the next few steps.
Once you qualify and are approved, you can receive the car title loan cash you need either the same day or the following business day.
Get Started Today
Make late bills a thing of the past and avoid late fees by taking responsible steps to manage when and how you pay. And if you need some additional financial assistance when an emergency strikes, consider a car title loan from New Mexico Title Loans, Inc.
Just start online, call us, or visit one of our locations today. We’re here for you.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.