Making your monthly payments on time every month is the best way to avoid late fees and penalties as well as hits to your credit score. These are unnecessary and all-too-common consequences that will work against your financial situation, so be mindful of them and do your best to stay on top of payments.
Once you create a budget, you’ll realize it’s much easier to make payments on time. Having a financial plan and a portion of money set aside each month will prevent you from being unable to make a monthly payment on your loan. .
If you’ve just taken out a personal loan, or are about to, a great way to give yourself a cushion is to make an early monthly payment as soon as you receive the loan. By being a payment ahead of your installment plan you’ll have a buffer against a missed payment.
Debt can turn a free, happy person into a bitter human being. – Michael Mihalik
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