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Be On Time For Savings

By Debra Jacobson

We all want new and creative ways to save ourselves some cash. We.ve already started implementing the most basic principles such as keeping the car tires properly inflated, clipping and printing dozens of coupons, and even walking Fluffy daily to cut out gym costs. We are doing our part to save on finances but what about those details that slip between the cracks? Just because we.re trying to save money doesn.t mean that we are out of the wood-work just yet; you may still be behind in other areas even with the best savings advice.

The grace period allowed by your bill collector.s may seem like a polite gesture at this point, but be wary, those grace periods can end up costing you big-time if you use them steadily as a fail-safe method of paying your monthly bills. It may seem like a nice way to save yourself a few days but the truth can hurt you.

If you are a stickler for a sweet credit score, then you already know about the grace-period downfall. Companies offer these .free days. as a way to prevent excessive late fees from occurring but the truth is when you use these free days often it can actually harm your credit score.

Most companies actually charge a late fee even if they offer you a specific grace period; you can save yourself money just by complying with the companies set due date while saving yourself any credit report hassles and excessive loan charges in the future. Sometimes when things get rough your credit score can be your saving grace for finances. When you refuse to pay your bills by the pay day (or if it is just impossible to do for a few months) it is jotted down where it counts the most and hurts you with every month. When you pay your bills on time (on or before your actual due date) then you reap the rewards of a good credit score and future pros such as great rates on available loans and credit. But when you use the secondary method involving grace periods you risk your credit rating, and your financial back-up.

Your credit really is your financial safe-haven and your best bet of getting money when you need it. So by watching your bill payment schedule you will be watching your own financial back. There are new ways to implement these easy payment plan rules. Most companies are offering both automatic bill payment and online bill payment options to help you stay on track and on time. Utilize the available tools to help protect the future of your finances.



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