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How Can I Avoid Late Fees? Believe it or not there is a powerful truth behind not making your payments or paying your credit card bills late. This will ruin your credit score. Between fees and a growing interest rate there could come a point where you will not be able to pay the minimum amount of the payment. The way to avoid this is to be proactive. Do not hesitate, do not wait. Make today the day you choose to take action. To ensure the above path is not your fate you should endeavor to pay your bill on time, and if possible avoid missing payments. Believe me, I know it can be hard to make payments on time (due to a myriad of situations). However, you should do everything within your power to make sure you are aware of your personal situation. Below I examine some methods that can help you with your payments. As I said before, the most tried and true method is to pay your bill on time. Remember, if something happens or comes up and you aren't able to pay you will be penalized. Sometimes situations do come up, however within the eyes of the creditor a late payment is not justified. Remember, inside every bill you receive there is information and instructions regarding your payment. Always follow the included instructions making sure your payment is sent to the correct location (and make sure it is sent on time). But, I do understand there are times when you might have trouble paying the entire bill on time. Don't worry, you can instead pay the minimum amount. Please remember, though you might be able to pay more later make sure you always pay the minimum amount. This way when you do have more money you can add this to the minimum payment you previously sent as an additional payment. A simple way to do this is to set aside the minimum payment amount in advance. This way, when the credit card bill arrives, you will have the minimum amount available. This will ensure that you do not have to worry about penalties or late fees. However, once this is done you should then see if you can pay a higher amount (above the minimum amount). When you pay the minimum amount you are making sure that no other fees are added to your next bill. The next method is usually on a per case basis. You can check with your credit card company to see if they offer “skip a payment”. This is a service that allows you to request a waiver on your payment (as in situations where you don't have the money to pay your bill). There is a drawback to this method. It can only be used once a year. I only recommend using this service in an emergency situation. Also, many times this service will have a cost as well (which will be added the following month to your payment). Credit cards for many have become a necessity of life. Always make sure you know your interest rates and have a good idea of what your bill is going to be before you make that purchase. Make sure you are not knowingly making purchases on your credit card with no intention to pay them back. In conclusion, be responsible and informed. You are in control of your credit destiny. You know your situation better than anyone else. Be honest with yourself and all will go well. Gene Barber is a credit advocate of the people educating individuals on the truths behind financial responsibility and accountability. You can read more of Gene’s articles at his blog here
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