Making Identity Theft Protection a Priority

Though credit card fraud accounts for 26% of all identity theft cases, 18% is due to utilities fraud, 17% bank fraud, 12% employment fraud, 9% government fraud, 5% loan fraud, and 13% other fraud.  Protecting yourself from identity theft is one of the most important things you can do to protect your credit.  Here are a few ways:

Sign up for an identity protection service.  Transperian's Identity Protection Services offer a wide range of services and levels of protection.  Click the Identity Protection link to sign up for a free trial.

Review your credit report often for any surprises or changes.  Most identity theft occurs within the first 7 days of a thief obtaining your personal identity information.  Click the Whats In Your Report link to view your report.

The Emotional Cost of Debt

Nobody likes to see a surprise on their credit report but your body and health don't handle the emotional cost of debt well.  Being in debt can not only take your self worth and confidence and also can physically effect your body.  Headaches, pain, loss of appetite or overeating are all part of the emotional cost of debt.

Taking Charge of Your Debit Puts More Money In Your Pocket

Lets face it, being in debt is expensive.  Just check your credit report and credit card statements.  Not only is it a burden to pay back the amount you have charged to your account but you are also dealing with interest on the amount borrowed and to some it is a hidden expense.

Now lets look at it from the perspective of the credit card company.  They are in business to make money... they are a business and most are very profitable.  Credit card companies make money when you default on your terms.  In other words, they make more money from you when you do not pay your bill in full each month, pure and simple. 

The problem is, if you are like most people in this world, giving away money is not good for you or your family.  Sure, its very important to donate to worthy causes, but giving your money away to credit card companies is not in your best interest. 

Look at this example:

Lets say you have a credit card balance of $3000.00 and your credit card charges 18% interest.  Your minimum payment would be $60.00.  When most people are paying that $60.00 minimum payment they are thinking that they are really paying down their credit card balance.  The truth of the matter is that if there was no interest, it would be applied to the outstanding balance of $2940.  But, with 18% interest, you will be charged $45 for the month... so the equation looks like this: $3000.00 + $45.00 - $60.00 = $2985.00.  That means your $60.00 payment really only applies $15.00 to the outstanding balance.