Hopefully you have read our prior blog titled “10 Credit Card Mistakes to Avoid: #1-#5.” This blog is a continued discussion of some of the most common mistakes consumers make with their credit cards:
- While your credit card bill offers you a “minimum payment” that can be made, you should always try to pay more. Paying only the minimum payment may keep you from being in default under your contract, but your debt will begin to sky-rocket and it will quickly become too difficult to repay. If possible, you should strive to pay the balance in full every month. Otherwise, you could end up owing double what you actually charged to your card and it could take your lifetime to pay it all off!
- It is vital that you pay your credit card bill on time. Although paying late is better than not paying anything, but you will incur a late-payment charge and your late payment will be noted on your credit report. You should always confirm the due date for your payment and make sure your payment is sent in plenty of time.
- You should check your monthly credit card statement each time you receive it. In today’s world where identity theft is a significant problem, you will want to verify that all of the charges listed on your card are legitimate. If you discover fraudulent or suspicious charges, you should immediately contact your credit card lender. Most credit card companies allow you 60 days to dispute an amount, but the quicker you take care of the matter the better. You will also want to confirm your payment due date to ensure that you pay your bill on time.
- One of the most damaging things a consumer can do is exceed his or her credit limit. Be aware of how much you have charged to your credit card and start using cash when you get near your credit limit. You may also want to request an increase in your line of credit in order to avoid your purchases from being rejected. Just remember that when you do this, your credit card company will often start charging extremely high fees.
- Frivolous spending is usually what gets consumers in trouble with their credit cards. Buying things you don’t really need is easier when it just goes on your card, instead of you having to hand over your cash.
Always remember that as a California consumer, you have several options, and after our free review of your situation, we can devise the best course of action for you. Whether you owe the debt or not, you deserve to be treated with respect and fairness. Contact our California Debtor Protection Law Firm with your questions, comments, and concerns, or for a free consultation. Speak to a CA credit card lawsuit and collection harassment lawyer at our firm today.