Q&A: Utility bill: “Your account is in credit/ in debit by…” What’s the difference?
July 22nd, 2010 at 18:03Question by firebolt789: Utility bill: “Your account is in credit/ in debit by…” What’s the difference?
Ok I’m in charge of this months bills:
My gas bill says, “Debit balance: £xx.xx”
My electric bill says, “Credit balance: £ – xx.xx”
Which one do I have to pay? Does it mean I’ve overpaid one bill last month so I don’t have to pay for it this month? What does the negative sign mean on ‘credit balance’?
I don’t care if I sound stupid now if it saves me money…
Best answer:
Answer by Kiran C
You overpaid the eletric bill. The negative sign is used to signal a credit balance.
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Tags: account, Bill, by..., credit/, debit, difference, Utility, What's
Posted by energy efficient,
in Save On Electric Bill
July 22nd, 2010 at 6:16 pm
The debit balance on your gas bill means that you owe them that amount of money.
The credit balance on your electric bill means that you don’t owe any money at this time, and depending on the amount of the credit (and the amount of electricity you use), next month you will owe them either less than the full amount of your bill, or possibly nothing at all again. I’m speaking from experience on this one: A few years ago, I qualified for a low-income grant on my electricity bill, and my statements showed a negative balance for several billing cycles until the grant was all used up.
To find out for sure, look at the account activity on the statements. That will tell you what the balance was last month, how much was paid last month, how much you used during the billing cycle that you’re paying for right now, and how much you owe right now. There is much to be learned by reading the fine print.
Finally, if you read the statements and you’re still not sure what your status is, look on the statements for telephone numbers to contact customer service. They shouldn’t have any trouble with explaining the bill to you and informing you how much is owed. You may have to spend some time on hold in order to get to talk to someone, but the time would be worth it. Better safe than sorry!
Good luck and hope that helps.