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Should You Make the Switch to Paperless Billing?

Trying to pay off credit card debt can be stressful. But switching over to paperless billing can make it easier to manage your payments. When you sign up for this service, all of your account information is available online, making it easy to save and print your documents. Learning more about the benefits and potential consequences of paperless billing can help you decide whether it’s worth having.

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How It Works

Paperless billing is usually a free service provided by credit card issuers and banks. They offer their customers the chance to view and pay their bills online. And most companies send out emails that let you know when your statement is available.

In order to make your credit card payments online, you can sync your credit card account with your checking or savings account. To get started, you’ll probably need to sign up for online services. If you need help, you can contact your provider or check online for more information.

The Pros of Paperless Billing

Should You Make the Switch to Paperless Billing?

There are several advantages to having paperless billing. First and foremost, it’s good for the environment. It can also help you save money on stamps and envelopes since you won’t need either of those to pay your monthly bill. What’s more, there will be less paper and clutter in your home in general since you won’t have stacks of credit card bills lying around.

Another benefit of paperless billing is the fact that it can potentially protect users from becoming victims of identity theft. It’s easy to steal credit card information that comes in the mail, so paying your bills online is safer. to an extent. If you’re concerned about your safety online, you can protect yourself by using two-factor authentication.

Related Article: All About Credit Card Debt

The Problems With Paperless Billing

Some users believe that online billing makes it easier to miss payments since there is no physical bill to remind them that their payment is due. Plus, it’s possible for an email from a credit card issuer to get stuck in your spam folder. Putting your card issuer on your list of approved senders can prevent this problem from happening. But there’s still a chance that you’ll miss the email, especially if your inbox is full of unread messages.

Having an online account for paying your bills won’t be helpful if you can’t remember the password you need to access it. You could use the same password for every site, but that’s not smart since it opens the door for you to become the victim of fraud.

Another possible issue could come from not reading your online statements as carefully as you would read a paper statement. Skimming your statements could keep you from catching mistakes. And in some cases, you might not have access to older credit card statements that you would need to see how your payments and spending have changed over time.

Related Article: How to Read Your Credit Card Statement

Bottom Line

Should You Make the Switch to Paperless Billing?

Paperless billing is one way to manage your money online. Now that you know what to expect, you can decide whether it’s right for you. If you aren’t quite ready to make the switch, it might be something to consider easing into. Even if you opt out of the service, you can always pay online and continue receiving paper copies of your bills in the mail.

Photo credit: ©iStock.com/kupicoo, ©iStock.com/baona, ©iStock.com/BraunS

Liz Smith Liz Smith is a graduate of New York University and has been passionate about helping people make better financial decisions since her college days. Liz has been writing for SmartAsset for more than four years. Her areas of expertise include retirement, credit cards and savings. She also focuses on all money issues for millennials. Liz's articles have been featured across the web, including on AOL Finance, Business Insider and WNBC. The biggest personal finance mistake she sees people making: not contributing to retirement early in their careers.
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