What your credit card company won't tell you

Some consumers may feel relatively safe or content with new legislation aimed at credit card companies; however, credit cards are taking aim at those who regularly pay late. Prior to the new legislation, a number of banks did raise their past due fees.

Many will still charge a fee for a payment that is one day late. Many will still move your balance to a default rate, often 25 percent or more, if your payment is one day late.

Best option here:
If you carry a balance, schedule your payments at the credit card company's website or through your Billpay. If you go the latter, give you payment at least five days to reach its destination. Yes, it can take that long. I know because I've seen hundreds and thousands of payments take that long.

You may also want to schedule an electronic auto draft from your checking account. This is a great thing for car payments and mortgages. It simplifies life and the recipient bank will often cut you some kind of deal for participating. Watch your 30-year mortgage become a 25- or 26-year mortgage by making payments every two weeks. This might be something to consider, if you're in the market for a refinance.

ALSO, if you find yourself falling behind, if you've become unemployed, call your creditors. Let them know. You might encounter a human or maybe even a human bank. I've taken those calls and the banks can often work something out. Food for thought.