Read and Understand Your Credit Card Statement

Have you ever looked at your credit card statement and ended up just scratching your head in frustration? Well join the club! But don't take any comfort in the fact that you have plenty of company, because lack of knowledge can cost you?.right on your credit report, and once there can stay with you a while.

Adding to the challenge is that almost every creditor's statement is slightly different, varying in format and billing cycle and interest calculations. You first want to check what you purchased and what you borrowed, so make sure you save all your receipts to make sure you weren't charged for something you didn't buy or were double billed. Immediately dispute any discrepancies via phone and in writing.

Next you'll want to verify the interest rates being applied for each type of purchase. Remember, cash advances almost always carry a higher interest than normal purchases and interest usually accrues from the date you received the money. Also, if you have any balance transfers with introductory interest rates, verify that it is correctly noted and hasn't been increased prematurely.

Review how your interest is calculated (this information is usually on the back of your statement) and make sure that the right rate has been used for each category. On purchases, most cards take your average daily balance over the billing cycle and divide it by one-twelfth of your annual percentage rate (APR).

Lastly, but maybe most importantly, make sure you send your payment in well before the due date. In order to have your payment credited on time to avoid a late fee, it must be posted by the due date shown on the statement. Therefore, if paying by mail, it is advisable to mail your payment at least a week in advance. For those whose cash flow doesn't allow an early remittance, paying by phone or on-line might be a good alternative.

The Credit Counseling Foundation, Inc provides web-based education and personalized consumer credit counseling to clients and the general public in an effort to help consumers use credit wisely. Visit target="_new" us at www.godebtfree.com

---

Maximizing Credit Card Rewards

In their quest to get you to sign up for their credit card, banks and financial institutions are coming up with more and higher incentives to entice... Read More

Credit Repair Myths and Facts

There are no secrets to repairing your credit. Many shady credit repair agencies would love you to think the contrary. Negative items can be removed from your... Read More

Credit Cards: Pros and Cons

Sure, there are a lot of problems with credit cards, but there are a lot of good things attached to them as well. For instance, if you... Read More

What You Need to Know About Credit Reports

You hear people talk about credit reports all the time but do you know what they are really all about? Well, if you have ever been turned... Read More

Saving Money: Quick Cash, High Cost

I didn't think it was possible. But it is. Folks, there is something worse out there than putting everyday expenses on a credit card, then carrying the... Read More

Student Credit Cards 101

Almost all students have and use student credit cards. Some of the students use them wisely and build for them an early credit history but others accumulate... Read More

Beware the Shopping Mall Monster

Like me, you've probably been offered a fair old number of these by now.....and, if you're like most people, chances are you maybe own at least one... Read More

Convenience Can Be Costly

You've just opened your credit card bill and attached to your statement you find a "convenience check" included. It may already be filled out with a dollar... Read More

All You Wanted to Know of Bad Credit

Martin Henderson is in a fix these days. Because of his failure to repay a loan he had taken a few years back, he has been adjudged... Read More

7 Consumer Credit Laws You Should Know if You are Trying to Repair Your Credit

There are seven consumer credit laws you should be aware when dealing with your credit.1. The Truth in Lending ActThe customer had to be told the true... Read More

How Do I Establish A Good Line of Credit?

A line of credit, roughly defined, is the amount of credit that can be given to a borrower from a lender. Usually a contract or note of... Read More

Consumer Credit Reports

A consumer credit report is a factual record of an individual's credit payment history. It is provided for a purpose permitted by law: to help a credit... Read More

Why Should You Use Credit Cards

Believe it or not, the way society, especially the commercial side, is set up these days, the only alternative to using credit is to pay cash for... Read More

A Cure for an Ailing Credit

Credit has become a much-used word, thanks to the various connotations that it is being used in. Transactions in which the payment is deferred to the near... Read More

Good Credit Is Not A Good Reason To Borrow More Money After Youve Achieved Financial Freedom

The most important thing for you to remember is that the only way you'll ever be able to achieve financial freedom is if you are able to... Read More

Borrowing on a Credit Card

One of the easiest ways to borrow money of a financial institute is to use a Credit Card, available from all banks, building societies, and other financial... Read More

Finding the Right Credit Card

There are so many credit cards out there to choose from that deciding which one to get can feel really daunting. What makes one offer better than... Read More

Collection Agency Secrets for Collecting on Bad Debt

Getting worried that one of your clients, customers or patients will never pay? Have you given up on a customer who's essentially said he won't pay? Congratulations--being... Read More

Online Credit Report and Online Credit Reports

Online credit reports are easily accessible to those interested in viewing them. If you have wondered about what kind of credit score you have, you can go... Read More

Avoiding ID Theft and Credit Fraud

Article excerpted from the new book, "How to Do Space Age Work with a Stone Age Brain" TM copyright 2004, all rights reserved, by Eve Abbott, the... Read More

Identity Theft : They Got Him

His hard earned money? Gone. Creditors on his back everyday. Police knocking on his door. His family strained to the breaking point. He didn't do anything wrong... Read More

Tackling Bad Credit

The first time I heard the term credit history was when I approached a lender for a secured loan. Being a first timer I was completely ignorant... Read More

The Three Largest Factors In Your Interest Rate

There are three major factors that affect how much you pay for a loan. Understanding these factors can save you time, money and frustration.1. The Federal Reserve... Read More

Are You The Only One Using Your Name?

Identity theft has become an epidemic. Millions and millions of purses and wallets are stolen everyday and many of them are not just taken for the money... Read More

Making Sense of the Information in Your Credit Report

If you've ever applied for a credit card or loan, you've probably had your credit report reviewed by the lender. Your credit report has a huge impact... Read More

Five Debt Negotiation Facts

These five debt negotiation facts along with a few debt reduction planning tools gives you the ability to control your own debt. For many people today credit... Read More