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(4.80 out of 5)Credit card and finance computations can make your head spin, we have developed common calculators to assist you.
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The sooner you realise how additional fees and charges can diminish your ability to manage your finances, the better off you’ll be. Don’t do want my husband and I did, which was to accept these fees as a “necessary evil” in our lives. We used to say things like, “There’s no way to get away from these fees,” or “They’re all just a part of dealing with money.” We don’t say these things now because we’ve come a long way in the financial responsibility department.
Financial institutions love to apply fees whenever they can. That’s why you need to understand the details of your account. If you write an “insufficient funds” check, be prepared to pay dearly for it. Not only will you be paying your bank a hefty sum of money, you’ll owe the merchant a big fee, too. Bad checks tend to happen in groups of two or more, usually because you have no idea how much money is in your account. It is absolute chaos when you have several bad checks hitting your account at one time. You will be charged an overdraft fee for EACH check and EACH merchant will charge a fee. When you don’t have much money to begin with, all these fees can really hurt your finances.
Some bank accounts come with the stipulation that you keep a certain amount of money in the account. If your balance dips below this balance, you’re charged a fee. Sometimes the number of checks you use or online payments you make are limited, too, and you’ll be charged for any checks or payments over the specified limit. Make sure you know about these types of fees, because if your account is nearly depleted at the end of every month, even one extra fee could cause your account to be overdrawn.
Credit cards have fees for balances that go over the limit and late payments. Again, when your money is tight, the last thing you need is to be slapped with additional charges. Your balance will be escalating even if you don’t make any purchases with your credit card.
My suggestion for you:
Avoid extra fees and charges whenever you can. This means you’ll need to do your research to find out when you can expect extra fees. It’s hard to get out of the cycle of paying additional fees every month, so do everything you can to prevent getting caught in this trap.
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