The Importance of Payment Scheduling
The Importance of Payment Scheduling
One of the biggest problems that credit cardholders face is remember when a payment is due. Many cardholders try to juggle several different cards, each with a different due date and payment amount.
Here are a few reasons why you should schedule your credit card payments or automate the payment schedule.
1. You’ll Save Money. How many times have you paid a $10 late fee? How about a $25 late fee? Add up all of the money that you have wasted by missing due dates. Think about what you could do with that money now. Scheduling your credit card payments is a great way to keep all of that money in your wallet. You could even put that money into a savings account and watch your responsibility grow. Many bank accounts also offer a free bill pay service. Try using this service to have your credit card bills paid automatically every month. You can stay on top of your due dates without even having to think about it.
2. Your Credit Report Will Thank You. Many people don’t think that being a few days late dings their credit. Well, here’s a news flash. It does. Lenders can look up your payment history and see if you make it a habit to be late while paying your bills. Just because your bill paying tardiness doesn’t get reported to the credit bureaus each month, doesn’t mean that it won’t affect your ability to qualify for loans down the road. For instance…I used to work at a credit union. Each time a member came in to apply for a loan (whether it was an auto loan, a second mortgage, a line of credit, etc), we looked at their payment history. Those individuals who always paid their bills late usually didn’t get approved for the loan they were seeking. Keep this in mind.
It’s time to think about scheduling your credit card payments. You can create your own scheduling system or try an automated one. Either way, you’ll be better off than you were before you started scheduling your payments.
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