Paying bills can be a time-consuming pain in the rear. First you have to sort through all of the mail and hope that a bill didn't get lost. And if you want to avoid late fees from credit card companies, you should probably keep a calendar of approximately when the bills would be due so you know if a statement hasn't gotten to you on time. And make sure you keep plenty of stamps on hand and maybe a bit of prayer is in order to help the postal service in getting your payments in on time. Of course, online bill pay is an easier, saner and more cost-effective bill payment option and in general, much better for your credit.
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StarReviews Top 3
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Kiss Late Payments Goodbye If you get your statements via email and
pay your bills online using online bill pay, the late payment scenario goes right out the window. No missing statements, no missing payments. Sure, the postal service will have less work to do but they'll also have less mail to mess up (not to mention it will save you the cost of a stamp). Most companies now offer "paper free" invoicing so you can get your electric bill or car payment via email notice. You can then either setup through the vendor or through a third part like Quickbooks.
Better Organization While online bill pay does save time and money, it also keeps your finances better organized. You can see how many bills you paid and what was paid to whom with the click of a mouse. If you have a hard time budgeting, this can be an invaluable tool.
Finding An Online Bill Pay Service If your bank offers online bill pay, like Bank of America (my bank), you might be able to get it for free. If they don't offer free online bill pay, you'll want to compare prices with the other online bill pay services. Sites like Star Reviews can shed light on what other sites offer and how much they charge, helping you get the best deal possible.
Personally, I have been using Online Bill Pay for a couple years now and while I still have to write a check periodically, I can tell you that paying bills online has helped my credit score immensely. Most of my bills are automated now so I am no longer late making the car payment.