4 Tips for Avoiding Late Fees, Including Online Lending

There are so many ways to waste and lose money, no matter how hard you try to spend wisely and budget. One trap that a lot of people fall into is losing money due to late fees. Paying bills late can get expensive in more than one way. You may pay the late fee now, but pay late often enough and you’ll also pay when your credit score starts to drop. Use these tips to avoid late fees and remember to rely on online lending whenever you need cash to pay the bills.

1. Pay Bills on Time, Even if That Means Using Online Lending

It may sound obvious, but to avoid late fees, pay all your bills on time. It isn’t always easy to do so, but the consequences of not paying on time, especially if you do it often, are serious. It is well worth the effort to do whatever it takes to pay on time. If you can, pay your bills as soon as they come in the mail, the very same day. If you need to wait a few days, place the bill somewhere you can see it or set a notification on your phone so you don’t forget. Even if you need to use online lending to get the cash to pay the bills on time, do it. You won’t regret it.

2. Use Online Banking and Online Lending

If you are still paying bills with paper checks and sending them in the mail, seriously consider making online payments. There is a much shorter delay, so if you do forget a bill you can pay more quickly and still make the due date. It is also easier to stay organized and to keep information about what you owe all in one place. In addition to online banking, you can rely on online lending to provide you with quick and easy cash if you are stuck and just don’t have the money to pay your bills on time.

3. Change Payment Dates if Necessary

Some creditors will allow you to set your payment due date, so it’s worth asking. This means you can set payments to line up with when you get your paycheck, making it more likely that you’ll have the money ready to go for paying your bills on time. This will make it easier for you to avoid late payments and to set and live by an actual budget for your household. Lining up due dates may also help you avoid needing to borrow, but if you do, online lending is still a great option.

4. Avoid Automatic Payments if You Know You Will Need to Use Online Lending

Some people like to rely on automatic payments for bills. This is a great way to avoid forgetting to pay your bills, but it can be a problem if you sometimes run out of cash in your account. If you need to rely on online lending from time to time, using automatic payments may not make sense. Once you get to a point at which you can stop living paycheck to paycheck, you can set up these payments and never have to think about due dates again.

4 Tips for Avoiding Late Fees, Including Online Lending By Heather Wilson - 5/31/17