Pay your bills on time

Hello Swarm Single Moms

Today I want to share a true story that reiterates how important it is to keep tabs on your bills; the history of your payments and when each specific bill is paid off.

My co-worker is in the process of trying to purchase a home.  She went to her credit union six months ago to get pre-qualified so she would have an advantage should she find a home that she wanted to put a bid on.  Only recently did she find a house, so she contacted the credit union mortgage banker, and the broker, Paul, did a quick check and to her dismay, she found that she had been nicked for letting a medical bill fall into collections.  Because she has a bill that is now in collections, her credit score has dropped and she will end up paying more in interest.  She will not be able to afford the same amount of house she would have been able to had she not a bill in collections.

This is a woman who is very conscientious in her bill paying, yet she has found herself in a position where she was sent numerous bills for a emergency visit, including physician, radiologist, ER fee and x-rays, etc.  She was sent five bills for this visit and even though each bill had a unique billing number, she transposed numbers for two of them and paid off one, but not the other.  The hospital called for payment on two occasions and she insisted both times that the bills were paid.  She never bothered to double check. Months later, this bill is biting her in the wallet and even if she pays the outstanding bill tomorrow, her credit score will not rebound for six months or more.  She will have to wait six months to purchase a home unless she wants to pay a higher interest rate.  This true story is a heads up to all the Swarm Moms to be vigilant in bill paying so you will not be penalized for late payments or for bills that get sent to collections.  You must protect your money and your future.  Realize please, that most hospitals (or anyone who you owe money to) only want payment and they will work with you so this doesn't happen. Be Vigilant!!!