Have you ever wondered if auto-draft is a good idea?
QUESTION: Cheryl asks if setting up a checking account to automatically draft house payments is a good idea.
ANSWER: You should absolutely put your house payment on automatic draft if it’s offered for free. You can set this up and even pay extra each month to get out of debt faster.
You’ve probably heard this is a bad idea because banks and creditors want you to remain in debt. Automatic payments are a fantastic idea because you’re always on time, which reflects positively on your credit and helps you avoid late fees.
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