The Kitchen Table

Why Automatic Payments Work

  • January 01, 2020
  • Amanda Orr
  • 0 Comments

Do you constantly feel overwhelmed? Do you only have time for the most urgent tasks on your list? Well, you might to consider setting up automatic bill pay!

Setting up automatic bill pay for your most critical accounts is like having a secretary who takes care of them for you. Plus, automatic bill pay is a safe and secure way to ensure that all of your payments are made on time, and that means improved credit for you. Still not sure, here are 4 great reasons to set up automatic bill pay.

1. Set up automatic bill pay on your phone

There are several automatic bill payment services that are available on mobile apps. These apps allow you to monitor and adjust your automatic payments to suit your financial schedule.

2. Higher credit score

Late and missed payments effect about 35% of your overall credit score. So, setting up automatic bill pay will guarantee on time payments, which will ensure an improved credit score.

3. Low APR on your credit card

Late and missed payments on your credit card can cause the credit card companies to raise your interest rates. Setting up automatic payments will make sure you get the best possible rate, because you’ll never miss a payment.

4. It could be used to build up your savings

Automatic payments aren’t just reserved for paying your bills, you can pay yourself! If you have a hard time putting money into your savings every month, then you might want to consider setting up an automatic payment into your savings account.

Most financial institutions offer some type of free automatic bill payment service, and it’s one of the best ways to organize your finances, as well as saving you time and money!

*Employees of LPI Loans and our affiliates are not attorneys and LPI Loans DOES NOT provide any legal advice and users of this web site should consult with their own attorney for legal adv i ce.

 

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Thanks for everything. You guys have been great!
Sam R. IA
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