If you have good debt management skills, you will surely be using modern means of debt repayments such as online bill payments. This method not only saves time, but it also saves money in the process. So, what is online bill payment? Basically, online bill payment is a process in which the debtor can issue payment instructions to a creditor by using electronic means. These electronic tools are computers and the electronic medium is the internet. Online bill payment is virtually error free and will help in making your debt management much easy.
In the past, when money had to be transferred from one state to another, people couriered cheques. These cheques would take three to four days to reach the destination and it would take another week for the outstation cheque to get cleared. If the cheque fell in the wrong hands, a considerable amount could get debited from the sender’s account. These days, sending cheques has become obsolete because electronic transfer has eliminated the threat of fraud.