Old Fashion Usa 5 And 10 Dollar Bills And More Five Reasons to Pay Your Bills on Time

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Five Reasons to Pay Your Bills on Time

Not paying your bills on time could mean the termination of services such as your electricity or telephone, or your account could remain in collections. You may even be sued, which is expensive and unpleasant. Even before you reach this level of stress, though, there are beneficial financial reasons to pay your bills on time.

Late fees are a no-cost purchase

Late fees are free money to the company you’re paying. You pay them a late fee, but you get no value in return. What can a late fee cost you? Fees can range from a few dollars to $50 or more. Some lenders charge a late fee and add additional finance charges, which may be calculated as a percentage of the balance on the account. Paying your bill late means you could end up paying enough in late fees and finance charges to cover another bill in full.

Interest rates may increase

Some lenders include language in the contract that allows them to increase your interest rates if payments are made late. Some lenders may forgive one – or several – late payments, but frequent late payments can result in additional interest. Higher interest means you pay more over the life of the account or loan. Some credit card companies will increase your interest or change the financing terms until you miss a single payment.

Credit scores go down

Some lenders offer a short grace period of seven to 15 days. After that, they may report your account to the credit bureaus as delinquent. Usually lenders report late payments and those that are 30, 60 and 90 days past due. Late payments hurt your credit and can affect your chances of getting financing in the future. Late payments on your credit report may also reduce your chances of getting a good rate on future loans or bills.

Internal collectors can be aggressive

As long as you pay your bills before the accounts go to collections, if you make a late payment, you may end up dealing with a domestic collector. They can be as aggressive as collection agencies, calling you several times a day and pressuring you to pay. Sometimes, people pay just to satisfy such collectors, but that can lead to falling behind on other bills and starting the cycle all over again. Budgeting to pay all your bills on time prevents this.

Loss of account benefits

Some accounts come with benefits, such as interest-free introductory periods, cash-back bonuses, or discounts. Some lenders charge interest on your accounts when payments are late, which means you may lose access to valuable services or rewards.

Life happens, and there are very good reasons why people can run behind on bills. When it does happen, working quickly to resolve the situation can help you minimize the negative impact of paying late.

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