You probably already know the trouble you can get yourself into by paying one of your bills late. The damage can extend beyond the bill you pay late. You could end up seeing your interest rates increased for all of your credit cards — even the ones you pay on time.
It’s sad, but true. It’s just reality. Read more about it all here.
I thought this line from the end of the article was really good:
Here’s one strategy to consider: As soon as you receive your bill, transfer enough money from your checking account to cover the minimum. You can always pay the remaining balance by the due date, McKinley says, but even if you don’t, at least you won’t be hit with a late fee.
That’s a great strategy. It builds off of the paying more than the minimum and making multiple payments per month strategy that we’ve talked about before. That’s just something to think about.
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