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Using Automatic Bill Payments to Improve Your Credit- Email this article to a friend - Although you may be dealing reasonably well with your current debt situation, there can still be times when you might forget to make an important payment. Or you might feel that you can miss a payment one month so you can buy these new jeans, and catch up with it next month. However, this is how bad debt becomes really bad debt, as often the payments don’t get caught up, and you fall into owing even more money and interest. One way that you can avoid this problem is to set up an automated bill paying system. Not only does this take away the worry that you might miss a payment, deliberate or otherwise; if it’s automatic, then the payment comes out regularly and on the same date every week or month. Once you get used to that, you don’t even notice the payment has gone, and before you know it, your debt is coming down so well that you’ll soon be in the position to buy your own house. Additionally, you’ll be so used to working that way that you’ll continue to use automated bill payments, helping you to stay out of debt in the future. So how easy is it to set up and organize? Online BankingOne of the best ways to manage automatic payments is via online banking. Your existing bank should have this facility, and it’s extremely easy to set up. All you need to do is pop into your local branch and arrange it with them over the counter. Some banks will allow you to set it up over the telephone, so check with your bank as to what their procedures are. Once you have the actual service set up, you can then access your account online and set up the relevant payments to each creditor. So, if you have two credit cards, a store card and a student loan, for example, you can instruct your bank to pay a set amount on an exact date, and that’s it – your payments are now automated. Now you don’t have to worry about missing a payment, since it can even be made while you’re sleeping. One thing you must remember, however, is to make sure that you have funds in the account to cover your bills. After all, it’s pointless setting up a method to help you control your debt if you’re going to be charged unauthorized overdraft fees and interest. Direct TransferAnother method of automated payments, if online banking isn’t for you, is to authorize your bank to set up a direct transfer each month on your behalf. This works pretty much the same way as online banking, except you don’t have to worry about setting it all up – just instruct your bank how much needs to come out your account, who to and when, and they’ll handle the rest. If you’re unsure of any aspect of automated banking, let us advise you. We can even help you with our automated payment system, and get you on track to better credit. Lori Jake If you like this article and would like to receive more valuable information like this, Click here to sign up NOW! |
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