What bills should we pay? or not? (Vanity)

03/22/2020 | Self

[P.O.E.]

Sorry for another vanity, but I haven't seen this brought up anywhere in the news.

Received an email from my water company, saying they are suspending late fees.

Wondering what else was out there, and based on my research:

Electric company - deferred payment plans (with needs based application to file)

Gas company - deferred payment plans (with needs based application to file)

Cable / Internet company - no info

Mortgage company - no info

Cell phone - no info

Credit card - no info

So the question is, what bills should we be paying (some? all? none?). Put groceries on credit?

Of course, this varies by individual or business or state. Some may want to stay liquid & keep some cash. Some don't have the money to pay. Some are worried about their credit score. Some are locked down.

Food for thought - since we don't know how long or draconian this will turn out.

I am not advocating any course of action, for the record.

[P.O.E.]

Also related to the $1000 (or whatever) the Feds are planning to hand out.

[RonnG]

If they come in red/pink envelopes pay them, if not throw them into the trash

[SkyDancer]

So what happens when you have auto-pay where you’ve set up auto payments from you bank?

[IndispensableDestiny]

If you have the funds and income, pay them all as usual.

[JPJones]

I’ve called 3 credit cards and told them I can’t make payments this month:

2 out 3 basically said: “no problem, you can skip this month with no penalty.”

Amex actually said ‘call next month if you need to skip again!’

[entropy12]

Has the 3 month extension to pay IRS (July 15 instead of April 15) official yet? Or is it still in talking stage?

[P.O.E.]

I suppose you could cancel them.

But would there be penalties to do so? Will they waive them?

I have no answers, only questions.

[Roman_War_Criminal]

Turn them off

[P.O.E.]

That’s a good recommendation - definitely give them a call and see. If they say “no”, you’re no worse off than if you didn’t.

[txrefugee]

IRS says file by July 15 with no interest or penalties if you owe money.

[SkyDancer]

But penalties will accrue as well as your credit rating will crash.

[P.O.E.]

I think some utilities have suspended shut-offs, but will they rack up late fees and such? Electric, e.g., is a regulated utility, so I would think there would have to be some legislation for them to change their policies.

[kevao]

2 out 3 basically said: “no problem, you can skip this month with no penalty.”

What about late fees? Interest?

[zaxtres]

If they come in a red/pink envelope then wouldn’t that signify a commie pinko connection? /s

[JPJones]

“What about late fees? Interest? “

No late fees, no interest.

[entropy12]

Thank you. Looks like that information is now on IRS.GOV

[Roman_War_Criminal]

Because you disable auto-pay?
If you pay 1 week late it should not hit your credit. I’m talking about utilities and car payments.

I’ve never had a penalty hit for disabling auto-pay.
If you cannot pay that is another thing. At this point if you don’t have cash or reserves, pay what you need to in order to survive. TV/Internet/Cell/Auto/ I’d forget those first.

Utilities...maybe for a month, two at the most.

[entropy12]

Tax brackets for year 2020:

10%: Up to $9,875
12%: Income of $9,876 to $40,125
22%: Income of $40,126 to $85,525
24%: Income of $85,526 to $163,300
32%: Income of $163,301 to $207,350
35%: Income of $207,351 to $518,400
37%: Income over $518,400

[entropy12]

Above brackets apply to single filers.

[Popman]

So what happens when you have auto-pay where you’ve set up auto payments from you bank?

I assume you control your bank account ???

Turn them off....

Check with the institution about late charges if you turn them off...