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January 05, 2008

Average Credit Card Holder Loses $946.@ Year on Hidden Costs---And Doesn't Have to!

By Tom Dolan



Bob Sullivan from MSNBC has studied the hidden costs charged on your cell phone, cable bill, student loan, etc. He finds that you lose lots of charges from many common practices that you don't have to. For example, many pay banks "overdraft protection" for overspending that debit card. Instead link your credit card to your checking account and save the $39. fee.
Here's another common miss: Banks take a couple days to let your deposit checks wash before you can spend against them. Then they cash the biggest checks first.
On your cell phone bill, you pay lots of phone taxes. These are tied to your home state with that area code. Shop for the lower tax. That one may be the one you moved to! A recent NBC TODAY Show detailed these tips and others which could be reworked for an excellent series of reports for a morning show or web site. More than one third of credit card holders are paying these late fees. His book full of tips is "Gotcha Capitalism."




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