Have you accrued late fees for payments that you forgot to pay? If so, enrolling in auto-pay may be helpful for you and save you money. In some cases, companies also may give you a slight discount for signing up with auto-pay or paperless billing. One potential disadvantage to auto-pay is that if your rate increases, you may not know about the increase. However, if you are still checking your bank account regularly, you will be able to see any increases and in some cases a quick call to the company may be able to lower your rate to what you were previously paying.