Finance Quick Answers
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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