10-06-21
Late fees, punitive interest rates, over-limit fees, loading up your
credit report with negative information — it's enough to make you
scream!
It's not that your creditors are doing anything illegal. You just
didn't understand the power you gave them when you accepted those cards.
It was buried in the fine print. Now it seems as if they're staying up
nights looking for new ways to stick it to you.
If you've had enough, maybe it's time for you to turn the tables and
get back at them.
—Pay early. Nearly 30 percent of a credit card company's profits are
derived from fees, e.g., annual fees, late fees and over-limit fees.
You'd think they would be pretty satisfied with all that interest you
send them each month. But no. They want more. Get back at your credit
card companies by making a decision right now never to pay another late
fee. Be quick with each payment. Send it in the preprinted envelope that
came with your statement. Don't enclose a note, use a paper clip,
decorate with stickers or do anything that would pull it out of the fast
track and into manual processing.
—Open eyes. All of your creditors know what's in your credit report.
They read it regularly. You should, too. Part of your agreement with
them is that they can check up on you whenever they want to see how you
are handling your financial affairs. You can get back at your creditors
by staying ahead of them. Manage your credit report by reading it
regularly. (It's free, but only if you get it from
AnnualCreditReport.com.) If you don't understand what it says, ask. If a
creditor is punishing you for something on your credit report that is
not true, don't sit back passively. Get it fixed. Then confront your
creditor. Don't back off until the creditor reverses the action.
—Pay off. Nothing benefits you more than bringing your balances to
$0. It's like getting a tax-free raise, because you get to keep all of
that money you've been sending each month to your creditors.
—Zero tolerance. Your creditors are not going to be thrilled with you
and your zero balances. You are the source of their income. They will
miss your money terribly. Get back at them by refusing ever to pay
another penny in interest. If they're charging annual fees, tell them
bye-bye.
Getting back at your creditors will bring you great satisfaction. An
even greater payoff is the peace of mind you will enjoy. You'll sleep
well and get along better with the people who mean the most to you. It's
a proven fact that even your health will improve. Of all financial
pressures, credit card debt causes the most deadly type of stress.
Mary Hunt is the founder of www.DebtProofLiving.com and author of 18
books, including her latest, "Can I Pay My Credit Card Bill With a
Credit Card?" You can e-mail her at mary@everydaycheapskate.com, or
write to Everyday Cheapskate, P.O. Box 2135, Paramount, CA 90723. To
find out more about Mary Hunt and read her past columns, please visit
the Creators Syndicate Web page at www.creators.com.
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