Many of us accept late fees as a matter of course. It is just one of those things. But, you should never have to pay late fees.
There are two main reasons why late fees occur. The first is the fact that many families don’t have the money for all of their bills and need to juggle their different bills each month, deciding on which ones to pay.
This can be a difficult situation, and it is an indicator of big trouble to come. If this is the reason that you or a loved one is incurring late fees, then you need to take action now. Put together a plan on how you will pay your bills, which bills will be a priority, etc. Contact anyone you owe and let them know your plan. They may wave interest and late fees for you as long as you continue to pay down your debt.
The second reason that late fees occur may be laziness, disorganization or a combination of the two. In this scenario, the family is throwing money away. You need to again take action, this time to become more organized and committed to paying bills on time.
One way to do this is through automatic bill payment plans. A mortgage payment, for example, could be taken out of a bank account automatically each month. Variable bills can be paid online with a click of the mouse. For the latter, set up reminders and alerts on your computer and SmartPhone and then follow through. Still having trouble? Enlist a friend or family member with patience to remind you to pay your bills and keep you accountable until the bill paying becomes a habit.
Have you ever been guilty of paying a bill late? I think we all have, but with a plan in place, you can reduce the chances of it happening again.
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