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Is there a way to make bill paying easier?

A lot of companies you send checks to will automatically deduct monthly payments from your checking account or money market fund. Typically included are your mortgage lender, utility company, and car-loan holder.

If just three bills are paid automatically you will save writing 36 checks a year and you will save money in postage. Many auto lenders will lower the interest rate on your loan if payments are deducted automatically.

An expanding universe of other options exist for check-free bill-paying, but most involve mastering a computer program or other technology plus paying a fee. By the end of 1997, an estimated 4.5 million U.S. households were banking on-line through software programs. Typical fees usually range from $6 to $10 for 20 payments.

Source: Odious task #3 - paying bills. (1998, January). Forecast 98, 92.



Written by:
Sandra McKinnon, Consumer & Family Economics Specialist, University of Missouri Extension

Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri Extension










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Last update: Monday, July 14, 2008




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