A careful and careful reading of credit card statements is essential for proper management of your budget and to avoid situations of over-indebtedness.
You should carefully read the information on the credit card statements. That is documents that bring together all the movements you have made during a certain period and which are sent to you regularly by your bank / financial institutions. In this way you can avoid situations of over-indebtedness and detect possible situations of fraud.
You should note the following dates when you see your credit card statement:
- Start and end date of the period to which the extract refers;
- Deadline for payment to ensure that you have sufficient funds in your account;
- Deadline to change the amount of the payment for some reason;
- Date of movements.
The amount of the payment to be made depends on the percentage of the amount owed by you – 100%, 50%, 20% or other selected. Whenever you want to change this value, you need to know the deadline to do so. If you opt for totality, you do not pay interest. If you choose to pay only the mandatory minimum or only a percentage, you will be charged interest on the money owed.
You should preferably save receipts for all transactions performed with your credit card and use them to check the movements shown in your statement. This allows you to have a clearer idea of your expenses. This practice is also a positive strategy if you need to cut some expenses to increase your savings, reduce any debts or, for example, get a project like a trip, buy a new car, and more.
Being aware of the movements also helps you to detect possible situations of fraud. If this happens to you, you should first contact the customer service department of the financial institution. And then report the event to the competent authorities.
Your credit card statement indicates not only the amount of the amount owed, but also the balance available for future transactions. If you choose to pay a percentage of the amount owed and not the whole, the available balance will naturally be lower, something that you should take into account to avoid surprises.
Analyzing the amount owed, taking into account your family budget is an exercise you must do to avoid financial upheavals and prevent and / or correct situations of over-indebtedness in a timely manner.