Savings Day – Avoid Late Fees

It’s Build Your Savings Day! 

Do you hate paying late fees or penalties? My wife despises them. She just paid our library $30 in fines for overdue books and the one I accidentally left on a plane. Guess that ends my traveling with library books!

Late fees for credit cards eat up money that could be used to build saving accounts.

Companies can charge up to $28 for the first late fee, but $39 for the second time within the next six billing cycles. Very few will waive them. If you’ve got a good payment history, a phone call to the company may grant mercy.

Now penalty rates of more than 27% can be triggered when payments are at least 60 days overdue. Thankfully, issuers have to send a written notice of the rate increase at least 45 days before the effective date.

Student cards also have high late fees and penalties. Learning to handle credit at this point is vital! Payment habits established early will bless your future.

Avoid charges by planning ahead. Set up automatic payments and reminders – that way, at least the minimum payment is made each month.

Make sure you have adequate cash in your account so you don’t get charged for returned payments due to insufficient funds!

Diligence in financial matters requires the same timeliness as in the workplace. Since “the plans of the diligent lead to profit” (Proverbs 21:5), we must aim to pay on time. It honors others, sets a good example and guards the money that we steward for the Lord.

Now have you heard of the Eli Savings App? It helps you set aside money that you can afford to save. It’s SSL encrypted and FDIC insured, this tool will encourage you to reach your saving goals. Check out the Eli app on Crown.org today!

Click here for free resources to navigate the financial affects of COVID-19