How to Stick It to Your Creditors

To stay out of debt, we need to stay within our credit limit and make payments on time.
How to Stick It to Your Creditors
Don't get beat by credit card debt. Stay ahead of payments and don't overspend. New Africa/Shutterstock
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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 that credit card (it was buried in the fine print). And now it seems like they’re staying up nights looking for new ways to stick it to you. If you’ve just about 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—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. The days when issuers allowed 10 or 15 days for a payment to arrive after a due date before charging a fee are long gone. Now those fees kick in if you’re even five minutes late, and they can range from $20 to $39 per occurrence*.
Mary Hunt
Mary Hunt
Author
Mary invites you to visit her at EverydayCheapskate.com, where this column is archived complete with links and resources for all recommended products and services. Mary invites questions and comments at https://www.everydaycheapskate.com/contact/, “Ask Mary.” This column will answer questions of general interest, but letters cannot be answered individually. Mary Hunt is the founder of EverydayCheapskate.com, a frugal living blog, and the author of the book “Debt-Proof Living.” COPYRIGHT 2022 CREATORS.COM
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