A Better Way to Manage Your Everyday Money - Book - Page 99
amount rang up to over $13,000. In that case, as well as the other three times, we paid none of
the bogus charges.
Credit cards are protected by Federal statute under the Fair Credit Billing Act, but you have to be
alert to find and dispute fraudulent charges, by letter, within the 60-day limit. If you don’t, you
pay and the bad person wins.
Expensive debt
Credit cards are potentially the most
confusing and frustrating part of
household finances. Depending on
your usage, keeping up with your
credit card activity could be how you
spend most of your time using
PerNetFlow.
Careless use of credit cards can lead
to steadily increasing, very
expensive debt that can be difficult
to repay. It is very easy to charge
more than you can afford to pay
back, especially when you lose sight of the fact that credit cards are a source of debt instead of
free money.
Credit card debt can get out of control quickly with careless charging and failure to pay the
monthly statement's new balance in full each month. The exorbitant interest rates charged on
credit cards contribute to the rapid increase in unpaid credit card balances.
Limiting and tracking credit card usage is how overspending and the resulting credit card debt
can be avoided. Ways to do this include:
● setting a limit on monthly charges that you can afford to pay in full;
● keeping track of all credit card charges to stay within your charging limit;
● paying the statement’s new balance in full every month.
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