How much do you think you pay in late fees each year?
Based on recent research released by the Commonwealth Bank you will be staggered if you knew.
It is estimated that Australian's have spent $286 million on late fees in the past year – which in my mind is pouring money down the drain or setting it on fire.
Big companies like Telstra, Optus, Origin Energy and AGL all charge late fees.
I suppose the justification is the cost of money for them, but the reality is it's because they can. Often their bills aren't transparent enough so late fees go unnoticed when applied.
Lumo Energy at least operates the other way around, by providing a discount for early payment of a bill. After all, who wouldn't pay early to get a discount if they could!
Obviously the onus is on the consumer to be organised enough to know what to pay, when to pay it and how to pay it, to minimise things like transaction fees.
It's also up to consumers to know the impact of not paying on time.
But let's face it, who ever reads the fine print?
If you want to avoid late fees forever and minimise your transaction fees check out www.billin.com.au, download the Billin mobile app and begin your journey towards financial control.
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