The easiest way to pay recurring bills these days is auto-pay. You'll never be late, and you don't have to rush to get a bill paid.
But that convenience comes with a risk.
A new report in MSN Money warns of hazards, including:
- If you are short of funds, you'll have a bounced account, and other checks may then bounce too.
- You could be hit with continued bills even after canceling the service.
- You could miss a rate hike, and not notice the cable bill went up $20 a month.
If you regularly monitor your incoming bills, and how much you are paying, auto paying is a great service. But you have to monitor it.
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