Paying your bills late or ignoring the payment date will cost you money.  Not only does it cost you interest and fees for being late; more important is what it does to your credit rating in the future, which in turn costs more money.  Companies, small business and governments deal with the cost of money.  So should you. 

Today you are scored by the condition of your credit.  It is referred to in the credit game as the Fair Issac Risk score.  The better your credit (amount of credit and timely manner of payments), the higher the score.  The more late payments and problems with credit the worse the score.  The restrictions, high interest rates, and big fees come as the score declines.  All three credit companies listed below post scores. Fair Issac Risk scores effect rates on auto loans, home loans, credit cards, etc.  

When you buy large ticket items such as a home, car, boat, etc. and sign the document(s) to finance any of these items, the document is referred to as “paper”.  This paper is rated from A, A-, B down to D, all based on credit and scores.  What is referred to as A paper gets the best rate and terms and heading towards D gets the highest rate and fees. 

To keep a handle on credit and monthly bills, organize your bills as soon as they arrive.  Even if you cannot deal with them immediately.  When the bills arrive, highlight due dates or write them on the front of the envelopes or statements.  Put them in chronological order by due date.  Create a convenient place where you can check on them periodically.  If you can only pay the minimum, do so and review your cash flow.