Keep track of financial issues to avoid larger problems

Follow these tips to try and reduce financial issues within your budget.

10:39 18 June 2013

Financial issues are set to take center stage at the G8 summit with tax avoidance and tax evasion being high on the list of topics to discuss. When it comes to financial issues, there are always things that consumers want to keep track of.

If you are taking stock of your own financial issues, here are a few things to look out for:

• Credit card debt—think about the amount of your credit card debt, minimum payments, and how long it might take to get everything paid off. Sending in just a little bit extra per month can significantly reduce the number of months you will be paying.

 

• Loans—occasionally reviewing the different types of loans you have, the amounts that are still owing and the interest rates on those loans. Sometimes by refinancing at an opportune time, you will be able to save yourself a lot of money and reduce the strain of some financial issues.

 

• Due dates—these are essential to keeping track of bills and being able to manage a budget. Timely payments mean better credit ratings. If you need to have a due date moved, definitely feel free to make the request.

Many companies can accommodate such requests, and at times changing your due date can relieve some financial issues that you might have. When everything is due around the same time, it makes budgeting more difficult. Staggering the payments can help you manage all the bills.

• Fees—be careful of any fees such as late fees, over-the-credit-limit fees, annual fees, and others. Some credit card companies may charge you if you don’t use your credit card often enough.

Other times you might be charged extra fees for using your debit card. Cash advances and using your cards at ATMs can also incur fees. All of these can add up to more financial issues to navigate.