As the recession continues, it may be useful to review a few steps that may help protect individuals’ financial assets during this difficult time.
According to experts from the Illinois CPA Society, one of the key elements of financial well-being is taking control of one’s credit cards.
In that vein, they provide simple suggestions to keep in mind when reviewing one’s credit card activities.
It all begins with reading the fine print and all correspondence from your credit card companies, they say. Reviewing statements for suspicious charges and interest rate hikes is also a good idea.
It is furthermore important to keep an eye on the annual percentage rate and be skeptical of low rates offered only for the first three to six months.
Related to that is the importance of shopping around and comparing the terms offered by several different credit cards.
Perhaps the key to getting your credit card bills under control, say the society’s experts, is reducing the number of cards, keeping low limits and paying as much as possible each month, or at least more than the minimum.
Finally, every credit card holder can enhance the protection of their credit history by requesting a free copy of their credit report at least once a year.