By financen | April 26, 2008 - 7:00 am - Posted in Credit, Credit Card

There are so many people who don’t’ keep an eye on their credit card statements every month. The moment their credit card statement comes to their mail box, some people think that they might be having some bad news and to pay more, especially when they are fighting to overcome their existing debts. There are a few who think of doing something fancier on their credit card and not concerned about their credit card statements. Sometimes, ignorance can be the key reason of being in excessive debts. People often think that they will review the credit card statement when there is some time in hand but unfortunately, it never happens.

Compare credit cards before you stick with the right company. It is so easy to spend on your credit card and later fall into a huge debt trap. If you are inspecting your credit card statements regularly, there is a chance that you can avoid a lot of inaccurate charges that might have been showing up on the statement. Besides, you will always be grounded in reality even if the outstanding balance is too high. You will always be concerned about paying it back as soon as possible. No one wants to have their debts hanging over their head for too long. If you are not reading the statements because of expecting something bad, you are only delaying the inevitable and making it stay for longer.

Another important reason of checking your credit card statement regularly is to see if there is anyone misusing your credit. A large amount of credit card fraud is done in a more subtle manner. Fraudsters know it very well that if they make a huge purchase on someone’s credit card, the automatic detection systems of the credit card company will make the customer more alert and he will know that someone is misusing his credit card account. In order to avoid this situation, they will do a number of small transactions to avoid being caught. Check your statements regularly to make sure that your credit card account is not being fraudulently by anyone. Staying proactive is the best way to keeping your credit file good and you have a better chance of picking up on something dodgy before it gets too late.

If you are reviewing your credit card statement properly, you will notice any changes in the terms and conditions by your credit card company. If you keep multiple cards, you will be able to compare credit cards offers and use that one that offers more benefits for a certain period of time. By not going through your credit card statement, you will not know what changes were made by your credit card company over the period of time. If you are used of making a payment on a specific date just before the due date, and if your credit card company has moved the date ten days ahead, you will be charged interests and fees because of your lack of awareness.

Checking your statement is never going to be fun, but if you can set aside a few minutes each month and review it carefully, you will avoid a lot of troubles resulting out of your unawareness and this means that you will save your hard earned money.

This entry was posted on Saturday, April 26th, 2008 at 7:00 am and is filed under Credit, Credit Card. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

1 Comment

  1. April 29, 2008 @ 4:42 am

    You should check your statements every month to make sure you are not double charged or worse have fraud on it.

    Posted by Roman