05/14/2020: Automatic Payments during COVID 19
Who doesn’t love automatic payments? They’re easy and can help set us on autopilot when it comes to paying the bills! But during the current times, when so many are facing a disruption to their cash flow, it may be important to revisit your automatic payments and double check that accounts can still be paid.
Automatic payments will not stop unless you stop them. If you are experiencing a reduction in income, this would be a good time to reach out to your utility companies, credit card companies or other organizations you pay regularly and discuss options in regards to your payment plans. This might mean you agree to a new dollar amount and set up an auto payment again, but by stopping the current auto payments, you can eliminate the risk of overdrawing your account when you’re not expecting it.
It’s always important to continue paying your bills – just be aware of who and what is being automatically paid.