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Monday, July 07, 2008

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Debt Expert

Benefits of Automating Bill Payments

Automating your bills so they come out on payday via direct debit out of your bank account can be very helpful in managing your money and reducing your debt. Here’s why:

•If it comes out on payday it will happen effortlessly and you don’t have to remember to make the payment
•You’ll save on late fees from your creditors
•You’ll be able to manage your budget effectively because you know just how much is coming out of your account.

When you set up your budget, note the weekly payments that need to come out on payday. When you know how much of your paycheck is left, you can decide how to split that up among your variable expenses.

By having the payments come out of your account you’re probably going to save on payment fees. Many banks offer unlimited bill payments when they’re done automatically and won’t charge you the service fee they’d charge if you were paying in branch or via check.

Holly

The only problem with a system like thi sis the economy. Before when things were a given this would of been a great concept and now ...if awithdrawl i.e. automatic bill pay went into motion you may have nothing in your account left over.

John Minsk

I agree with Holly. The accounts will be dried up in the end.

Your Financial Services

Being able to pay bills by scheduling electronic payments is a great way to ensure that your bills do get paid on time. If you are going to be in a position where your account is bled dry after scheduled payments are made then you have a budgeting problem, which was the main reason the world has a debt crisis in the first place.

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