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Therefore, rather than paying the seller directly, the buyer pays off its bill to the credit card company. At the end of each month, the buyer receives a credit card statement with an itemized list of all purchases. But paying with a credit card temporarily defers the buyer's bill. Credit Card: Credit cards look like debit cards.It is almost like writing a personal cheque, but without the hassle of filling it out. Debit Card: Paying with a debit card takes the money directly out of the buyer's account.
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With the increasing trend toward fast payment, cheques are seen as slow and somewhat outdated. The seller gives the cheque to their bank, the bank processes the transaction, and a few days later the money is deducted from the buyer's account. They are essentially paper forms the buyer fills out and gives to the seller. Personal Cheque (US check): These are ordered through the buyer's account.There is no recourse to recoup those losses. Both paper money and coins are included under the larger category of "cash." While cash has the advantage of being immediate, it is not the most secure form of payment since, if it is lost or destroyed, it is essentially gone. Cash (bills and change): Cash is one of the most common ways to pay for purchases.There are several types of payments available: Generally the payee has provided some kind of service or goods to the payer, who will in return pay an agreed amount of money against a request for payment, usually an invoice document, as part of the invoicing process. Bills here run you just $7 a month more than in Arkansas and account for 42% of household income.Payments are essentially transportation tasks as funds are transferred from payer to payee following established payments flows that are characteristic of a given payment instrument. Mississippi CrackerClips Stock Media / Īverage monthly household bill expense: $1,559 (for the 10 most common bills paid)Īnother Southern state rounds out the top three. Those who live in Arkansas spend slightly more on bills than residents of West Virginia, but costs are still low, accounting for just 40% of household income.Īrkansas is also one of the “ 15 States With the Fastest-Growing Economies.” 3. Arkansas shuttersv / Īverage monthly household bill expense: $1,552 (for the 10 most common bills paid) West Virginia also is among the “ 9 States With the Lowest Property Tax Rates.” 2. Here, residents spend just 38% of their household income on bills. For example, Hawaiians pay more than double the cost for household bills - $2,911 - than West Virginians do. Paying bills here is breeze, at least compared with other states.
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West Virginia Sean Pavone / Īverage monthly household bill expense: $1,452 (for the 10 most common bills paid)