Discover why you overlook bills and ways to avoid missing payments in the future.

People forget to pay bills even when they have money. As a result, they run up late fees, interest charges and damage their credit rating. If you’re among those who miss payment due dates, here are ways to help keep your finances in order.

Identify why you forget to pay bills

When you identify why you forget to pay your bills you’re one step closer to finding a lasting solution. Some reasons people overlook bill payments include stress, disorganization, fatigue, life changes (like the birth of a child or moving), and lack of time. For older folks, missing payments may be an early sign of dementia. Identify the underlying reason then use that information to guide your next steps.

If you’ve missed a payment

Call creditors as soon as you realize you missed a payment. Often, they will waive late fees for customers who have a history of on-time payments if you ask. Then pay your account so it is current.

Avoiding future missed payments

One way to prevent missing payments is by paying each bill as soon as it arrives. This avoids the statement getting lost in the shuffle of daily life and going unpaid. There are more ways to manage your bills, too. Try some or all of the following:

• Create a list of all recurring bills (utilities, rent, mortgage, credit cards, etc.) and use it as a checklist each month
• Make note of due dates and create calendar reminders
• Set aside time once or twice a month to pay bills
• Have an accountability partner who will ask if you’ve paid your bills on time
• Opt in or set up reminder alerts or emails from your creditors; Consumers has a text messaging system that includes a text reminder for all loan payments
• Automate or set up recurring payments from your checking account

As a Consumers member, you can set up AutoPay with Consumers Online Bill Pay linked to your checking account. This option is very good for bills that don’t fluctuate from month to month, like home and auto loans.

If you or a loved one forgets to pay bills due to memory issues, it’s time for a compassionate yet serious conversation. Enlist a trusted family member, attorney or financial advisor to create a plan that will help keep the bills paid on time and finances safe.

Consumers provides banking services for more than 126,000 members. If you have banking questions, call us at 800-991-2221. We make it easy to bank how you want, when you want.

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