Are you checking that bill and checking it twice? Whether it is your phone bill or credit card statement, it is critical you spend a little time verifying each debit and credit. Understanding how you are billed and what exactly is on your statements cannot only help you find errors; it can help you prevent scams and identity theft as well.
It surprises some to think that scams can even occur on everyday expenses such as your home phone bill. Unfortunately they do happen and many consumers pay these expenses completely unknowingly. Really, before you ever pay any bill or invoice, make sure you understand every line. Let’s look at some of the most common for example.
Credit Card Statements
This is one bill you should spend the most time on each month. Not only do you want to verify each charge, ideally with the original receipts, you want to watch out for funny additions. Certainly potential fraud is a good example, but even honest charges may be a cause for alarm. In addition to checking your charges, you should also inspect all your fees and interest rates. Not only do credit card companies occasionally make mistakes, they also have many hidden fees. You may not even be aware of them unless you are truly inspecting your bill.
Utility Bills
How closely do you look at your water bill? Did you know that your water bill can be your first sign of a major leak? It is important to watch your use of utilities and look for strange jumps. A big jump in your gas bill during the summer could mean a problem with your gas line and discovering that could be a lifesaver.
Phone Bills
Both cell and landline phones occasionally end up with strange billings. Cell phone companies often make mistakes with your minute and roaming plans – and I speak from experience here! Once you discover it, they certainly remove the additional charges… but only if you ask them to. Another mistake on landline phones is a strange phone company using your local provider to bill you. These sorts of charges have made the press over recent years as a new way to scam consumers. Basically these charges are false, but hidden in your bill. So, it is wise to double check all entries.
The list can easily go on… but hopefully this will get you started on a path towards scrutinizing where your money is really going.
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