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Automatic payments can be a great way to make sure your monthly payments are paid on time and you avoid late payments and any penalties. You still need to be diligent about balancing your checkbook, though. My husband and I thought that once we had set up most of our payments through our bank’s automatic payment service, we were home free. We hardly looked at our balance all month. Our paychecks were deposited automatically, the majority of our bills were paid automatically, so there wasn’t much left for us to do. Right? WRONG!
I can tell you that not paying attention to your automatic payments can land you in a big mess. We had a large monthly payment set up through our bank’s automatic payment program. I guess I should say we THOUGHT we had the payment set up through our bank’s automatic payment program. The payment was never actually set up correctly. I’m still not sure where we failed, but the end result was a nightmare.
My husband and I never checked our account balance or kept up with what was being paid through automatic payments. We just assumed everything was going along as it should. It turned out that one of our payments was not being drafted, but we never knew it until we got the nasty call from a collection agency telling us we were in arrears with the account. It was very embarrassing to find out the payment we thought was being paid automatically every month was never paid. The fees and extra interest were horrendous. My husband had to ask his parents to lend us the money to get out of this financial disaster, and it was humiliating for both of us.
My suggestion to you:
Keep track of ALL your payments. Never just assume your automatic payments are being paid. Check them every month.
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