How To Avoid Making Late Payments
Late credit card payment often has a great toll on your credit score and overall credit history. Sometimes you might not even intend to miss a payment but due to the way life is busy and you might have multiple lines of credit, it’s almost easy to find yourself missing payments. Missing payments is avoidable just as much as it is possible. With these tips, you can avoid late payments and make sure all your credit card payments are done on time.
One easy way to ensure you make all your payments in time is through the use of automated payments. Signing up for autopay allows creditors to automatically deduct payments from your account each month. You can choose a specified amount for automated payments and a specific date where your payments can be made on. The best way to go for automated payments is to also make sure you pay above the minimum payment, this can help you towards clearing your debt.
Set Reminders For Payments
Having a calendar can be very useful when I’m aging of credit. If autopay doesn’t work for you and you’d prefer to make the payment yourself, you can set a reminder to remind you to make your payment each month. Your memory may not always be 100% so it is imperative to have a plan B. Set up calendar reminders or online alerts so you can have the reminder regardless of where you are. Having reminders can help you remember to make your payment and avoid late payments at all costs.
Use of Weekly Payments
If monthly payments are too hefty or easy to forget, consider weekly payments. Sometimes, it’s easier to pay smaller credit than large credit. Making weekly payments helps ensure that all your payments are made and they are usually in smaller amounts hence making it easier on your cash flow. If you have problems with monthly payments, weekly payments definitely for you. Also, since most credit card companies only accept monthly payments, you can open a new account that you make weekly to and you use that money to pay off your credit at the end of the month.
Call Your Creditor
If you find that you’ve already missed a payment, consider calling your creditor as your first action, Make the payment and give them a call to explain and try to remedy the situation. If it’s your first time missing a payment, you can request for leniency but it doesn’t hurt to try. Some people actually get their request granted and that could be you too!
Late payments always have great consequences, especially to one’s credit score and history. You may also be charged a late fee for late-payments and your interest rate can go up. Avoid late payments at all costs!