Organizing Your Debt - Part 3










Chapter 3:

Check Your Statements

Synopsis

Most individuals capitalize on low interest charge card offers but never read their statements when paying the bill. Charge cards are notorious for utilizing low interest as bait for fresh clients then switching to higher rates after a couple of months. Make a habit of looking at your statement cautiously to see what rate of interest you're paying monthly and if any transaction fees have been applied. If the rate increases or a transaction fee shows up on your statement, a simple call to the charge card company can often be beneficial in resolving the matter. If not, try to swap your money to a more positive rate.

Understand It

Paying delinquent interest on your charge card monthly can total up to an immense sum at the end of the year, that is, if you are able to track your payments. It may be frustrating to forever keep looking for charge card bills that you know came in the mail but can't remember where you put them precisely. Before you know it, you'll either make another late payment or worse, altogether forget to pay them. To obtain savings and increase your credit rating, it will take some effort on your part to organize and keep a record of your charge card bills and payments.

Make sure you look at all your charge cards and make a list of them. Next gather all your charge card bills. Look at the statements and check the dates when the payments are owed. List each date beside your charge card list and use the bin method in chapter 1. This way you'll know which charge card bills you are able to expect in a billing cycle and make a schedule later.

Put your charge card bills into separate bins so you that you can't miss seeing them. Place a stapler, paper clips and pens close to where you keep the bins or file folders.

Make sure you keep a small basket or box where you are able to drop all your receipts each time you shop. Make certain that you regularly place all your receipts in this container. At the end of the week, make it a habit to go through all your purchase receipts and sort them in separate files per charge card. Clip them together for easier management and access.

When a charge card bill comes in, check the statement. Compare the itemized list of purchases that you've made against all the receipts that you have saved and separated. This will help you to keep track of your purchases, the amount you paid against what is reflected in your charge card bill and make complaints if you discover discrepancies, whether in your purchases or payments. See to it that you check each charge card bill as soon as it comes in and that the bill is always in the correct bin for timely payment.

Attach the receipts to each statement. Write the word ―PAID‖ and a date on those bills that you've paid. You might have to do this a couple of times if you are able to only manage to pay the lower limit.

Alternate the utilization of your charge cards based on their billing cycles. This way you don't get deluged with several statements in the middle and end of the month.

Make a little record, either on paper or do one utilizing a spreadsheet. Label each column with the charge card name, the total balance, the due date, the lower limit payment, the amount you paid off, the current balance and when you paid them. Place this with your bins or folders and regularly cross off those that you've paid in full. You are able to then anticipate what is due and see those that you've paid fully.

Organizing your charge card bills will keep your regular payments on track, exempting you from worry and giving you some savings. Keep all your charge card bills for at least one year, for audit and quick reference to check purchases and payments. You might find that some charge cards have outrageous surcharges and are worth canceling. 

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