How to avoid the trap of late payments and minimum sums
Making late payments and paying only the minimum sum required should be avoided. Assuming you have to pay $25 for your credit card bill and if you are late in your payment, you have to pay interest on the $25. On top of that, some credit card companies may charge $25 or more as penalty. Hence, a book that you paid $25 for, costs $50 and more, including interest. Terms tend to be disadvantageous to the consumers.Paying merely the minimum sum will result in high interest rates on the rest of your charges. The rollover debt can be disastrous. Should anyone lose his or her job, failure to pay the credit card bills will mean a huge debt. Therefore, one should always spend within his or her means. You will be paying interest not only on your previous charges, new payments would be charged as well. This is how credit card companies earn money. Do not fall into this trap.
Sometimes, we may forget to pay the bills and thus incur unnecessary charges. One way to get around this is to use Internet Banking from your own bank, and put a post-dated payment, approximately one week before your payment is due. Just in case you have made mistakes in your payment, you still have time to rectify the mistakes.
Generally, some banks may waive late payment charges for the first time when you call in to explain your situation. Of course, they do not do that for those who are habitual in late payments.
Sarah Tan – SingaporeProfit.com
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It sounds like you’re creating problems yourself by trying to solve this issue instead of looking at why their is a problem in the first place.