Consumer Payment Card News

6 Ways the Stupids Can Avoid Late/Overdraft Fees or Debt

Americans need a healthy financial lifestyle but a healthy financial life starts with good organization and a solid budget. 

According to the 7th Annual Billing Household Survey from Fiserv, 36% of consumers paid a bill after it was due in 2015. Eighty-three percent of consumers admitted that receiving and paying bills takes an extreme amount of effort.
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Get Organized Month is a month-long campaign created by the National Association of Professional Organizers (NAPO) in 2005 to promote the benefits of organization, and to encourage individuals to regain control of their possessions, surroundings and time. NAPO hosts events across the country to promote organization in communities.

American Consumer Credit Counseling offers consumers tips on how to organize their finances:

1.Create a budget – a budget is the foundation of financial planning. It shows consumers exactly how much money they have and where it is being spent. A budget also has the ability to help consumers find ways to save money. A budgeting worksheet can help customize their spending plan.

2. Revise budget – Bills can often change month to month, so it is important that consumers revisit their budget once a month and revise it if necessary to ensure it is up to date.

3. Create a filing system – It is important to have a place for bills whether they get filed electronically or placed in folders somewhere that is easy to find. Create a folder for each type of bill such as medical, insurance or credit card.

4. Create a checklist – Creating a checklist that shows every bill a consumer is expecting each month allows them to keep track of bills paid and bills they are still expecting to receive. If they are able, it is best for consumers to try to pay their bills when they are received.

5. Limit number of credit cards – Having several credit cards can often lead to overspending. Consumers should try to limit themselves to one or two cards. It is important that these cards are paid off each month.

6. Consider automated payments – Automated payments insure that a bill is never late. However, consumers need to be careful and keep enough money in their account to avoid overdraft fees due to automatic payment dispersing.

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