Consumers Use Bill Payment Services To Save

A recent study by Javelin Strategy and Research called "Expedited Payments: Consolidator Originated Routing Solutions May 2011," found that in 2010, Americans saved approximately $4.3 billion in late credit card fees by using expedited bill pay options.

Approximately two-fifths of consumers used some type of payment service to help them avoid late fees. The practice could make a difference, as in 2009, $20 billion was penalized from the American public for late fees on credit card payments. Some companies say the trend can drive revenue for banks.

"What makes the PreCash Billocity Expedited Bill Payment Service unique compared to other expedited options is that it not only guarantees expedited payment to the biller, but it also creates a source of revenue for banks and financial institutions that is currently an expense," said Steve Taylor, chief executive officer of PreCash.

While bill payment organization can be useful, additional measures may be a good idea to ensure that credit card debt doesn't become a problem for consumers. Curbing spending could be wise, and making sure enough money in one's account is squared away to make more than minimum payments could also be a solid plan.