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Credit Card Mistakes and Glitches
WARNING! TAKE BACK CONTROL!
Take Back Control of Your Money - Set a goal to have more money than month.
One of the ways we saved was to review credit card statements. We refused to have automatic payments. It doesn't give you a chance to look at your account closely. Dependence on the computer systems not making mistakes takes you out of control. As we all know, computer glitches are a given when new software, apps or programs are installed or applied. Plus, there's less humans monitoring input and output of information.
1). When you purchase a new laptop, the installation of software may not match the program already installed. Sometimes it takes going back and forward to a computer store to get the compatible software. In other words, Murphy's Law just happens. It happens with credit card company computers as well.
2). We mailed our payment to arrive on time. It did. When the next statement came, there was a late payment fee of $35.00. Working everyday and not paying attention to this oversight could cost us $10.50 (finance fee) x 12 months = $126.00 yearly. We started using credit cards in the late 1980s, we didn't payoff our account total each month which wasn't unusual. Making paments on the balance monthly gave us more opportunity to get a credit limit increase. This was based on discipline to make regular minimum or higher payments. The $126 x 5 years increased our balance to $630 per year. We paid the minimum balance only to find we were taking longer to payoff one transaction that started as a computer error. We can't even imagine the number of times our payments were incorrectly applied, because were not examining our statements. We often were perplexed when there were leaps in the total balance even though minimum payments were made each month.
3). I called the credit company which took 15 to 20 minutes to reach a representative. After reviewing the statement, the rep pointed out the dates of the payment received and the late fee. The payment had been received three days before the late payment date. I asked the person with an Indian dialect several times how this happened. An apology was made with this statement, "There was a computer error. I will make an adjustment on your account to clear this up." I asked, "Will the total finance charge be decreased because of the error as well?" I had to hold for 10 minutes, again, while she asked her supervisor. She came back saying in a high pitched, polite Indian dialect, "Yes, would you like for me to take care of that for you, Mrs. Anderson?" At this point, I thought - do you really need an answer? Just do it! Instead, I responded with patience, "Yes."
Checking and Taking Back Control....
Those computer errors cost us thousands over time. That was one example. Sometimes in addition to late fees there were over limit charges that increased our Annual Percentage Rate (APR). You remember. It happened to most of us. Can't you see how your balance can get out of control when you're not checking and taking back control of your money?
It's even more challenging to keep track of automatic deductions from your credit and/or debit card. You've experienced it. One company neglects making the deduction on the date you requested. There was electrical failure or the system went down. Now you're faced with a ripple effect causing over- payment fees and/or insufficient funds to mound up on your account.
Read more at my website, moneycoaching101.websiteworks.com. Click on "About Us" on the left column. With enough people controlling their money and checking credit statements, we can turn this economy around. Join me in having more money than month!