Failing to make your bill payments on time can make a bad financial situation even worse. Being late means late fees, which can make it even harder for you to meet your debt obligations. Similarly, making late payments can also result in a damaged credit score, which can impact you long after your debt has been resolved. As a result, you should take all possible action to make your payments on time so long as it will not make your financial situation worse.
How to Avoid Late Payments
Please use these 6 tips to make sure that your payments are made on time:
- The simplest and most straightforward method for making sure that you pay on time is to make your payments as soon as the bills come in. This way, there is no possibility that you will forget to make a payment.
- Similarly, if you are able to set up pre-authorized payments, you can make sure that your payments will always be on time. However, this is not always possible since there are some bills will likely come irregularly at varying amounts due.
- Whether you use electronic calendars or still prefer their paper-based predecessors, you can use them to set up reminders to yourself. However, be sure to use the one that you check the most often! If you’re using a calendar on your phone or computer, set alerts to remind you that a payment is due.
- Depending on your creditor, you may be able to ask them to send reminders of the payment date as it approaches. Be sure to ask your creditors if they offer this option.
- If you are still making your payments by sending checks through the mail, you should give some thought to switching over to online banking. Unlike checks, online payments will never be lost in the mail. Better still, they will always arrive on time.
- Some creditors are willing to change payment dates so they line up with your payday. This is particularly useful if you are someone who has problems with late payments because they fail to budget accordingly.