Bills, Bills, Bills

"Can you pay my bills? Can you pay my telephone bills? Can you pay my automo-bills?

This was the chorus to a song by Destiny's Child in 1999. Twelve years later, I want to revamp it? The question I ask is, "Can you pay YOUR bills?"

Working in a bank for the past 15 years has opened my eyes to a lot of things and one of them, sadly, is that some people can't (or won't) pay their bills. One might say, "Well it's because they don't have a (good) job...besides times are bad." And I will have to interject and say, "That may be partially true, but for the majority of people, it's because of bad choices."

And what's really sad is that some of these choices were made when they were younger and now that they are older and need to do "grown up" things, their past has come back to haunt them. I have seen many times where folks have called in to get a car loan because they need the car so they can go to work, but they can't get the loan because of outstanding bills on their credit.

That cell phone bill for $200 that you decided to walk away from 2 years ago, has now been sent to a collection agency and is on your credit report. Remember that store credit card you got when you were 20 and you were late making the payments for the stuff that you didn't need in the first place. Well, it's still causing you trouble now that you are 26.

Not paying your bills causes you trouble on so many fronts. It keeps your from getting favorable rates and deals. It requires you to put down higher deposits for utilities and other services. It keeps you from obtaining credit when you really need it - buying a car or renting a house. And nowadays, it can keep you from getting a job!

What does your credit have to do with your ability to work a job you ask? Well, by looking at your credit history, it gives potential employers a story about your character. It tells about your dependability and accountability. Plus, if you can't handle your business, how are you going to handle their business?

So what to do?

If you have not found yourself in financial dire straights, great! Make sure you pay your bills by the due date every time. If you know ahead of time that you will not be able to pay something, call them beforehand and try to make arrangements. Most companies will work with you. Don't spend money you don't have. Take care of your needs first (shelter, food, necessary clothing, transportation to get to work) before you indulge in your wants (high fashion clothes and shoes, eating out, vacations, rims for your car, HDTVs, etc.). Live within your means.

Now if you have found yourself in the position where things aren't looking so good, don't fret. You can work on it. First, face it. It's yours. You did it, so own up to it. If you can't remember who and what you owe, go out to http://www.annualcreditreport.com/ and pull your credit report from all three credit agencies (it's free). See what is being reported for you. Collections and charge offs? Contact the company and see if you can work out a payment plan. Again, most companies will work with you (because they want their money). If you can only pay $25 a month for now, let them know that. At least you are attempting to make it right.

It will take time and sacrifice to get your credit back to life, but it will be worth it.

So pay your bills. It can save you so much heartache and disappointment in the future.