The remaining balance due invoice is to clear an outstanding balance between a debtor and creditor. It can also be used as a letter to notify a customer of a remaining balance.
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A remaining balance is an amount of money (debt) that needs to be paid. Debtors should not panic nor be afraid when they see a remaining balance, as it does not suggest that a payment is late or in default. However, a remaining balance should be watched with a close eye. If not taken care of before the due date, the balance could fall into default which would most likely bring unwanted fees, penalties, and interest. A remaining balance due always occurs at the end of a billing cycle, typically every month. A remaining balance due for credit holders is a serious matter. If a credit holder is late on a balance due, all three credit bureaus will be notified, and the debtor’s credit score will be negatively affected. Being late on a credit card payment is the biggest factor that can negatively affect a person’s credit. Once an individual’s credit is negatively hit by being late on a remaining balance, it takes 7 years to go away. The remaining balances are mostly associated with the following:
Helpful Tip: Debtors should beware of pending transactions on their statements. Debtors may think that a balance has been paid in full but do not realize a pending transaction within their account that has yet to hit their balance due statement. If forgotten about, the balance will fall into default if automatic payments are not turned on.
A remaining balance calculator is a great help to determine the amount left to be paid on a debt with a payback schedule (typically monthly). Using a remaining balance calculator, a debtor can calculate the number of loan payments that remain to be paid by entering the following:
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