10 Worst Mistakes People Make With Their Finances

8) Making Late Payments or None At All

Late payment happen to everyone. Many times it is accidental or simply overlooked, while other times it is deliberate or inevitable. Several companies such as housing management or lenders will implement a grace period of up to ten days to account for payments made via snail mail, but the system should never be abused. By making recurring late payments, or even not paying your bills at all, you are at risk for rapidly accumulating late fees or legal action in extreme cases. Late payments or non-payment may also negatively affect your credit score and be present on your credit report until years after the balance is settled. You can avoid unnecessary fees putting you in even more debt by staying on top of bill payment schedules and prioritizing the disbursement of your income.