h a l f b a k e r ySugar and spice and unfettered insensibility.
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For consumers who are, like me, lazy and disorganized, and who
sometimes borrow money on credit to make credit card payments.
The consumer would input into a bank's web site the balance,
credit
limits, interest rates, payment due dates, and payment
information for
each of her credit cards.
The consumer would also input any
payments
she is making and if needed the new balance each month. The
bank
would automatically make all possible minimum payments by, if
necessary, borrowing money from the lowest interest card.
If the money weren't there the bank would, with a confirmation
warning, allow the card with the lowest lapse cost to go unpaid.
Integration of other bills is also possible.
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PLEASE don't say "just do x responsible thing!" as if that
possibility renders the idea useless. We all know I/other
people would use this service should "just do x" |
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Suprised this is not possible already. |
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Excepting the bank fees, for all the bill payments plus the CBS fee, that does sound like the responsible thing to do, given a preexisting debt load: the only "losers" are the high interest credit cards, who don't get their maximum return. |
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Are you expecting this to be a free service or not?
I suppose a bank might provide this service to
attract customers, but it would tend to attract
customers who keep a very small balance in their
savings account. I suppose it might be packaged
with a checking account that has a monthly fee. |
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Maybe it doesn't need to be free because for the
average person who could use it, it might save
them more than enough to cover a reasonable fee.
And if had useful tools for tracking debt and
spending, it might help them work towards paying
down their debt or better tracking their spending. |
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If you make the fee payable by a third party, this
might be a popular gift from parents to children (or
the other way around as the case may be). |
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Alternately, a credit card company might provide
this service for free because then they could set
their interest rate to be 0.1% less than your next
best card and consolidate all your debt to
themselves. |
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I hear ads in the radio promising to consolidate debts etc. On some stations that is most of the ads. I am certain these services are looking for folks who pay interest on debts with the goal of getting the interest paid to the service not various other creditors. |
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