June 26, 2013

June 26, 2013

10 Summer Spending Mistakes to Avoid
Part 2

Welcome to another day in my life. Today is Wednesday and we have almost made it through the middle of another work week. I hope you are having a beary safe and great week so far. It is another busy week for Dab the AIDS Bear and me.

Yesterday, I started blogging about the 10 summer spending mistakes that a lot of people make that I will conclude today.

6. Using the Wrong Credit Card

If your travels take you to foreign lands, don't spoil the trip by racking up unnecessary debt in the form of fees. Many credit cards charge high foreign transaction fees, exchange fees and other surcharges. Before an international trip, find out whether your cards charge extra fees when you use them out of the country.

7. Not Checking Your Statements

After you've taken a trip, be sure to carefully review your credit card and bank statements for unexplained charges or suspicious activity for several months after your return. In many cases, when you pay restaurant or hotel bills with credit cards, workers can easily copy your account numbers without your knowledge. In such instances, you will still have your cards, and you may not immediately realize that a security breach has occurred. Thieves who steal credit card numbers may also not charge items right away.

8. Missing a Payment

No matter how busy you get, you still have to pay those credit card bills on time. If leisure or business travel has you away from home, it's easy to miss a payment or forget about a bill that's due. But any credit card payment that's 30 days or more late can hurt your credit score. So if you know you'll be away, or if you're just super busy, set up email reminders and online bill payments to make sure certain bills don't get past you. Switching to online statements has another bonus, too: It cuts down on the time, effort and cost of monitoring your credit card statements. According to the 2010 Identity Fraud Survey Report from Javelin Strategy & Research, people who used electronic statements needed less time to detect fraud and they paid lower consumer costs ($116 vs. $274) than consumers monitoring paper statements.

9. Forgetting to Declare Your Move

About half of all residential moves in the United States occur during the summer. If you're moving, you absolutely must fill out a change of address form with the Postal Service. You can even do it online and receive an immediate email confirmation of your request. This will ensure that all mail reaches you at your new address, including bank documents, credit card bills and other sensitive data. If crooks get their hands on these records, you're at major risk of being victimized by identity theft. After you fill out the change of address form, double-check the confirmation from the Postal Service to ensure that your new address is correctly noted. Once your form is submitted, a mail carrier should begin deliveries to your new residence within seven to 10 business days.

10. Exceeding Your Credit Limit

With or without travel plans, summer can bring special plans or events that cause you to spend on big-ticket items, such as your daughter's wedding or new patio furniture. What you don't want to do, though, is exceed your credit limit. That looks bad on your credit report, and it could cause creditors to slash your credit limits. Furthermore, the more credit card debt you charge, the lower your credit score will be.

Hope these tips help you have the best summer ever.

Until we meet again; here's wishing you health, hope, happiness and just enough.

big bear hug,

Daddy Dab