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Posted by Sarah (MONEY FORUMS: 5, Answers: 1)
Asked on December 14, 2015 6:21 pm
Take it from me, it will eventually catch up to you. Banks will be less likely to work with you when you are late, and you are more and more likely to slack off in the future. Automate your finances if you are forgetful of the days things are due. If you are struggling living paycheck to paycheck and the timing of bills, call the companies and ask for a different payment day that will synch up with when you have money in your accounts.
You will also be paying late fees and interest that you would avoid if you paid on time. Here are a few things you can do to get yourself on track:
1) start using your bank's online bill pay feature: set up the payment as soon as you get the bill, even if you have to set the date for payment out in time - closer to the due date
2) For credit cards, you can set up an automatic minimum payment through the credit card website that will only kick in if you forget to pay your bill. They take the minimum from your checking account on your due date and you avoid the late charges and ding on the credit report. (You will still pay interest on your daily balance though). and
3) For bills that are the same/similar every month (cable/cellphone/utilities/insurance), you can arrange with those companies for automatic payments from your checking account. However, you have to remember that these are going to take place, as you won't see the upcoming payment when you look at your bank balance online. (This is why I prefer using my bank's online bill pay for everything, so I can see/control them from one place.)
If you do it repeatedly it will have a negative impact on your credit score.
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