Avoid Late Fees
Have you ever noticed how high late fees are? One way to save a ton of money is by avoiding those dreaded late fees you see on your credit card statements, your utility bills and loans. Below are some steps you can take to avoid these late fees.
1. Get on a budget. Know your income and what you need to pay out each month. By budgeting you are in control of your money, and your money is not in control of you.
2. Avoid those dreaded late fees by knowing when to send your payment in the mail in order for it to get there on time. Plan ahead.
3. Use the Bill Pay feature most banking institutions have now. You can set up your bills to be paid each month, on time, by implementing your budget and this feature. This will also help save tons of money on checks and stamps.
4. If you cannot avoid getting the payment there late, call your institution and let them know you are going to be late. Tell them your situation, and ask if they can remove the late fee. It never hurts to ask, and you might be surprised by the response!
5. If you have late fees already accumulated, call your lenders, creditors and utility companies. Tell them your situation, let them know you want to work with them, and ask if they can remove any, if not all of your late fees. Every little bit will help and if you go in with an action plan (a budget set up to avoid future late fees), they will more likely be willing to work with you. Remember to stay positive and reassure them you will not incur any more late fees. They may not take off any or all of the late fees, but it will help them to know you are on top of the situation and are trying to work it out with them.
With budgeting, planning ahead, utilizing today’s technology, and communication with your lenders, you can save yourself hundreds if not thousands of dollars each year in late fees.
Tags: Banking Savings, Late Fees