Question:

How to handle payment of late fees?

Answer:

If you are running late on mortgage or credit cards payments, you should think of ways to make your payments on time, since the regular payment of late fees accrues and becomes a burden on the budget.

Avoiding Late Fees Tips

If your payments are scattered throughout the month, perhaps it is worth using budgeting software. You could enter when different mortgage or credit cards payments are due and determine how to make them so that companies receive those payments on time. Budgeting software packages can be downloaded free from the internet.

If you have difficulties making due payments right before your paycheck arrives, try to schedule them to a date when you are not low in cash. You could even move them to one and the same date, so that your payments are no longer scattered. This is a very successful way to avoid paying late fees.

If you have taken all the precautions to avoid payment of late fees but it does happen, you could use a phone paying service if offered by your bank or credit card company. The issue with pay-by-phone services is that even if often you are not asked to pay anything, some companies will charge you $10 or more for the convenience.

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