Debt Free Destiny

Paying your bills on time has always been important, however paying your bills on time in the current economy is essential. If you find that getting your bills organized each month is a bit of a challenge you are in luck, there are several options available to you that can make timing your bill payments easier which ensures your payments reach their destination. Credit card companies and other lenders are a bit on edge and many are not very forgiving which makes making a payment even one day late very expensive. The following options can make paying your bills on time every time a snap.

Paying your bills electronically.

A major advantage of living in this age of technology is being able to pay your bills electronically. The days of having to pay every bill by sending a check in the mail are over. Take advantage of what technology makes possible by paying your bills in one of the following ways.

Service Provider Website- You can set up individual accounts at each of your service provider websites and pay your bill there. The advantage to paying your bills directly on the website is that the payments normally post very quickly, in some cases the same day. You generally have two options when making payments directly at your service providers website.

• One time payment- If you opt for this route you can make a single payment often as late as the date due (some companies will charge an express fee if you schedule the same day) without incurring late fees. Many people choose this if they don’t usually pay their bills online or if they feel uncomfortable setting up automated payments.

• Automated payments- If you really want to eliminate the chances of paying late most providers offer automated payments. In this case you set up your account so the provider is authorized to charge your bank account (or credit card) the full amount owed on or before the due date. While many people enjoy the convenience of setting up automated payments you must be careful that you have enough money in your account to cover the charges in addition to noting the deduction in your checkbook.

Bank Initiated Payments- Most major banks offer a Bill Pay service which requires you to set up payment accounts (credit card issuers, service providers) and have the money sent directly from your checking or saving account. This type of payment is very easy and convenient after the original set up. Similar to paying at the service providers website, you can choose between one time or automated payments. Keep in mind that unlike direct payments you must allow a few days for the money to transfer from your account to the recipient which makes it imperative that you schedule your payments far enough in advance for the payment to make it on time.

Whatever method of payment you choose make sure you are on top of your bills and sending or scheduling payments to ensure you receive credit before the due date. The penalties for late payments are not limited to additional fees, in most cases a late payment can trigger increased interest rates or prompt the changing of the terms of your contract, which at this stage of the game no one can afford.