Misplaced bills can be the cause of unwanted late fees and can damage your credit rating. Depending on how many bills you receive, you can establish set times each month when none of your bills will be late. Most people take advantage of low interest credit card offers but never read their statements when paying the bill. Credit cards are notorious for using low interest as bait for new customers then switching to higher rates after a few months. Most banks offer a way to automatically deduct money from your account to pay creditors. For a nominal fee, the bank will link your checking account to either a savings, money market, or credit card so the embarrassment of bouncing a check will be avoided. Whether it's a credit card or bank account, write a letter requesting that the account is formally closed. Don't let department stores and credit card companies lure you into opening new accounts by offering favorable interest rates and purchase discounts. If you have several credit card accounts with outstanding balances, try to consolidate them into one. Also, make a list of all your open Money Markets, Savings, CDs, IRAs, Mutual Funds, and other accounts to see if any consolidation can be done. Create a link from your checking account into a savings account that will not be touched. Most people will not put money into a savings account on a regular basis. They may wait until a large tax refund check arrives or some other event to actually deposit money into savings, retirement or other accounts. If you establish an automatic savings deposit every month, your accounts will begin accumulating money faster than you think.
