Friday, December 30, 2011

Making Credit Card Payments On Time

By Quinn Harris


Failure to make monthly payments on time is one of the most common reasons why people get penalized by credit card companies. Therefore, if you are finding that you are being charged with a lot of penalty charges on your card or cards, one of the first things you will need to start doing is making sure your card statement is paid on time each month.

Some people are more organized. This will not change. Some people balance their check books, pay all bills, and write all needed checks every month. Others are not like them. We sometimes pay bills as soon as they arrive, but sometimes we put off paying them.

Now the surest way to pay bills on time is to arrange with your bank to have the bills paid automatically be direct debit or standing order monthly. This makes sure that bills will be paid. But you do have to make sure that you have sufficient funds in your bank account so the bank will not allow the credit card company to leave you with too small an amount. What's worse, what actually could happen is that the credit card bill is for even more than you have available in your account so that your account becomes over drawn and your bank charges you a penalty for this.

If you want to be sure, then you can instruct that credit card company that you will only pay the minimum amount per month. While this ensures that your bank account will not be depleted, it does mean that you will be paying more interest.

Probably the best compromise is to pay a set amount each month that, while more than the minimum payment, is still not so high that you will be left short for your other payments.




About the Author:



No comments:

Post a Comment