Friday April 18, 2014
When someone steals or uses your credit card without your permission, they've committed credit card fraud. And since the credit card is in your name, the credit card issuer will look to you to pay the charges, unless you report the fraudulent charges in a timely manner.
Dealing with credit card fraud is a nuisance that can often be avoided by being more careful with your credit card and your credit card information. For example, you shouldn't include your credit card information in an email or text message because they're not secure.
Read more: 7 Ways to Avoid Credit Card Fraud
If your credit card is lost or stolen, it's important to report it to your credit card issuer as soon as possible to reduce your liability for stolen charges. However, thieves can commit fraud with just your credit card information - the credit card number, expiration date, etc. - so watch your credit and report unauthorized charges immediately.
Monday April 14, 2014
Most credit cards give you the ability to add an authorized user. If you're the parent of a teenager or young adult, you might have considered making your child an authorized user to help boost their credit score and to give them access to your credit card account.
Adding your child as an authorized user on your account is a big step. If you add them prematurely, you'll suffer the consequences since the account is your name.
Make sure your child is responsible, understands the concept of money, and has a reputation for following the rules before you consider adding them to your credit card.
Sunday April 13, 2014
The cost of debt goes beyond the dollars and cents you may spend on interest and fees. The true cost of debt is in the opportunity cost - the things and experiences you miss out on because you're too much in debt to enjoy them. Think grad school, vacation, early retirement.
Paying off your debt faster might let you get back to enjoying life - the way you did before debt crept in. Read What is Debt Really Costing You to get an idea of how much you could be losing because of debt.
More Debt Management Articles
Friday April 11, 2014
Your financial troubles are probably on the top of the list of things you don't want your employer to know about, right up there with marital woes and other family issues. Naturally, you don't want your personal issues to negatively influence your employer's impression of your ability to perform at work. But, debt collectors could threaten your job security if they were to contact your employer about your debt.
It's in the collector's best interest that you keep your job. Your being let go because of a debt collection would ruin any chance the collector has at getting paid. Fortunately, the Fair Debt Collection Practices Act specifically defines the situations that a collector can contact your employer and they're generally NOT allowed to let it slip that you owe a debt. Here's more information about whether debt collectors can contact your employer.
Dealing With Debt Collectors
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