Bank of America is now starting to charge fees based on the date that people pay their mortgage; no fee for the first few days, $3 for the next few and then $6 for the balance of the "grace" period. A bunch of people are up in arms about the new fees. Honestly, I never paid any attention to it because I always pay my mortgage on the due date - the 1st of the month .
I get that sometimes you might need a few days to get the payment to them but in my opinion that should be the exception rather than the rule... I guess there are "smart" money managers who know how to use every deadline to their advantage but, seriously with the paltry interest rates being paid for savings accounts you can't be talking about a lot of money. I just want to pay it and be done with it and not have it hanging over my head.
I have this suggestion for those smart money managers - quit spending so much energy trying to delay the payment and instead look at ways to find additional money to throw at the principal balance of your mortgage. My wife and I have gotten serious about paying off the mortgage company and becoming debt free. We are almost there!
I have come to understand that there is no such thing as "good debt"!
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