Double Check your Credit Card Monthly Statement, it might have Errors!
Posted at by ifydcat on category CreditNow a days we are always rushing through our days. Each day is almost like a race against time. So many items to be checked off our to-do lists. But there are only 24 hours in a day! And the society seems to be stressing on “getting more done.”
From the moment we wake up to the one we fall asleep we are racing to get things done. The race is on to please our employers, our families and of course our own egos. Amidst all these is there any time to simple ways for building excellent credit to see if everything is correct? The answer as we all know is often no.
So the natural result is that like most people we simply end up paying the minimum amount or the entire balance. We trust that our card companies have done a good job in sending us a correct credit card bill.
An oft asked practical question can be what’s the need behind checking statements from card companies? Simple yet important reasons make the check a need instead of a non essential. And we’d end up thanking ourselves later if we catch mistakes that could have cost us a lot of money in the future.
The first reason for checking our card statements is to make sure that there are no fraudulent transactions on our account. Someone may be charging our card with small dollar transactions (fraudulent) every month.
If we don’t check our credit card statement every month, we could end up footing their bills for years with our hard earned money. Or worse we could end up losing our id in an incident of clever identity theft.
Another valid reason for checking our monthly credit card statements is that they give us a clear idea of our spending habits. Sometimes we have subtle habits that make us spend in an impulsive manner. These expenses oft go unnoticed unless we scan our statements to see where our money has been going. As a result we might end up with a tight budget and control those naughty habits that drain our wealth.
It’s a known fact that we need to hold on to our monies to be rich. But such a simple truth often eludes our minds and we end up buying things we want but don’t need. So a few minutes spent in doing monthly reviews of card statements often help us keep a tab on our card expenses and cash outflow.
Checking our monthly credit card transactions is obviously not our idea of enjoying life. But there are some very good payoffs for doing so. If you are clueless at the end of a month with regards to your money and expenses, then building this habit is a must. It’d help you to gain control over your cash outflow and build healthy savings!
To learn more about smart ways of creating a super credit history, check out these simple ways for building excellent credit.