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We’ve all heard the phrase “time is money.” When it comes to credit cards, the more accurate phrase might be “wasted time is wasted money.” In other words, people who procrastinate their credit card tasks are very likely to wind up poorer than those who handle their business in a timely manner.
Hard to believe? Consider this:
If you forget to reconcile your spending with your credit card limit, you migt go over your limit and incur a penalty fee. If this happens to you three times in a year, you could be out $90 in fees. That’s enough to pay for a new jacket and purse or a couple of video games.
If you decide to wait six months to pay off a $2,000 balance on your card with an APR of 17.5%, you’ve incurred $175 in interest. That enough to buy two new pairs of boots or a pair of high-performance athletic shoes.
If you put off perusing your credit card statement for signs of fraudulent charges or identity theft, you could be on the hook for $375 (on average) if your card is used illegally. That’s enough to buy four new outfits or two nights at a posh hotel in Las Vegas.
Moral of the story: don’t put off until tomorrow what you can do today. Or you may not be able to pay for what you want tomorrow.