Stick It To Your Creditors

ROCKVILLE, Md. –– It happened again. Another late fee from your credit card company showed up on your bill and $39 was added to your balance as a penalty. Sometimes it is enough to make you want to get back at the people who gave you the plastic.

“Even though most of the credit problems Americans have are avoidable, sometimes a little light revenge can give you back control,” said Steve Rhode, president and co-founder of Myvesta, a nonprofit consumer education organization. “If you want to get back at your creditors, the best thing you can do is to stop playing their games and start handling your credit cards wisely.”

Paying your bills on time tops the list in Myvesta’s publication, Seven Ways to Stick It to Your Creditors. “More people shoot themselves in the foot every month by sending in their credit card payments late. Credit card companies love that,” Mr Rhode said. “Every time you make a late payment, your creditors get to charge you a fee. Don’t let them get that opportunity!”

Another way to stick it to your creditors is to pay the balance off in full every month. “Get back at your creditors by using their money for free. A credit card is a great tool for making purchases. You don’t have to carry around a big wad of cash and every month you get a detailed statement you can use to track your purchases. If you pay your balance off, in full, every month, you’ll never get a finance charge and your creditor won’t make a penny off of you,” Mr Rhode said.

The five other ways mentioned in the publication are: keeping your balances below the limit, checking your credit report, taking advantage of “same as cash” credit terms, consolidating debts, and using cash advances wisely.

The Myvesta publication Seven Ways to Stick It to Your Creditors can be downloaded free online from Mvyesta.org or mailed by sending $5, payable to Myvesta, to Stick It To Your Creditors Publication, Myvesta, PO Box 8587, Gaithersburg, MD 20898-8587.