Benefits of Paying Bills on Time

Posted on: November 15, 2017 CashMax November 17, 2017

HOW TO SAVE MONEY AND PAY BILLS ON TIME

When it comes to paying bills, the saying “better late than never”, doesn’t exactly hold true. While you should always pay your bills even if they are beyond the due date, paying bills late on a frequent basis could be detrimental to your quality of life.

BENEFITS OF PAYING BILLS ON TIME

  • No More Late Fees. It is easy to make a habit of paying bills late, but beware because it becomes a very slippery slope for most people. Sometimes you may not have the means to pay a bill by its due date, but waiting can cost you more than you originally owed. Make sure you are aware of each company’s policy for late payments.
  • Credit Score. You get rewarded for paying your bills on time, especially with credit cards. Having a strong credit score gives you more financial power. This makes future loans much easier to obtain. Your credit score is a measurable way for lenders to determine if you are trustworthy and dependable enough to receive a loan. If you do not have a good credit score, you can expect to pay for everything on your own and in a cash form.
  • Ownership. A strong financial history increases your chances of obtaining assets. Failure to make payments could result in the loss of your belongings. Mortgage and auto lenders place a high importance on your credit and FICO score but also look closely at your bill paying history. If you do not keep a good record, your chances of ownership become very slim.
  • Interest Rates. Credit card companies calculate interest based on the average daily balance. That means the higher your balance is, the more you will pay in interest. Although making the minimum payment each month will protect your credit score, it will increase your interest rate and cause you to take even longer to pay off your debt. This is ultimately a viscous, never-ending payment plan that you should be avoided at all costs.

DO YOU NEED HELP WITH BILLS?

Sometimes, when the unexpected happens, making ends meet can become an impossible task. If you’re currently in a tough financial spot, consider applying for a CashMax loan.

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CashMax is a Credit Services Organization (CSO) operating pursuant to the Ohio Credit Services Organization Act, Ohio Revised Code §§ 4712.01 et seq. CSO is not a lender and does not make loans of any type. All loans will be made by a third-party lender. Submission of information in no way guarantees that you will be approved for a loan from the third-party lender.

* Not all applicants will qualify for the maximum loan amounts available. CSO will attempt to arrange a loan for you from a third-party lender, but CSO does not promise that you will receive a loan. Credit decisions and the amount of these loans will be made by the third-party lender based on the information you provide in your application. The finalization and funding of all loans are subject to your providing to CSO and the third-party lender requested documentation and information to confirm the submitted data is complete and accurate. Your failure to provide requested documentation and information will delay the processing of and may terminate your application and/or transaction.

** CashMax uses non-traditional credit bureaus. If you complete and submit an application for credit services, you acknowledge that you authorize us to verify information through certain national databases including – but not limited to – Clarity, DataX and Factor Trust. We may review your credit attributes in order to determine your eligibility and ability to repay. Based on the findings from the original credit inquiry, these non-traditional data bureaus may seek additional information from the traditional credit bureaus. When this occurs, it is possible your credit report will show an official credit inquiry.

NOTICE: An advance of money obtained through a Cash Advance or Title loan is not intended to meet long-term financial needs. A Cash Advance or Title loan should only be used to meet intermediate or short-term cash needs. Refinancing the loan rather than paying the debt in full when due will require the payment of additional charges.