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8/1/2008
The Bottom Line
By Susan L. Smith,
Director of Training & Financial Education
Be a good steward of your money
Having worked for CCCS of Greater Dallas for seventeen years, I consider myself a very savvy consumer. I am detail oriented and can drive you crazy with lists and procedures. After all, I've been teaching my clients how to handle their finances for years and that should make me some kind of expert. But sad to say, I've been stung by an Internet membership scam on my credit card. I noticed a charge on the May statement from an unknown merchant for $14.95. It just happened to be the last charge on the page and got my attention.
According to the telemarketer, in November 2007, I applied for a $10.00 rebate on a product I ordered online. I was supposed to print and mail the rebate form and in the "fine print" I joined a discount program that costs $14.95 per month. I have no recollection of this transaction but, after all, it was the holidays and I may have ordered a gift for a friend.
I would have assured you that I always check my credit card statement and verify all the charges. And, if there is an 800 number listed it is a flag to check it out. Obviously I'm not so smart after all.
I called my credit card company to express my concern that this telemarketer has my credit card number and they pointed out that my account has been billed every month since December 2007. Now I'm really feeling badly. Not only did I miss the charge, I missed it for 6 months.
I share this experience with you to encourage you to be a better steward with your money. Maybe you are as distracted by your busy life as I have been. I've become more reluctant to sit down and review my monthly expenses and take stock of what is going on. It was my fault for being careless.
Consumers lose approximately $40 billion dollars each year to fraud and deceptive practices. My research revealed that 92% of adult Americans have been the victims of fraud. As a consumer, we need to make it more difficult for unscrupulous operators to take money from us.
A few reminders:
Read the entire document carefully.
Sign or write "CHECK ID" on your credit cards.
Carry cards separately from your wallet.
Keep a record of account numbers and creditor phone numbers.
Keep an eye on your card during a transaction.
Void incorrect receipts.
Open bills promptly and reconcile with receipts!
Report any questionable charges promptly.
Notify creditors of change in address.
My loss was small compared to many, but it's the principle of the matter. I should have been more careful. I should have paid attention to the order form on the Internet. I should always reconcile my credit card statement and especially the December statement because of holiday shopping.
My request to you is to be a wise consumer. Pay attention to your money. Treat your finances as if you were a corporation. You are worth it.
Have fun this summer and spend wisely. I'll be reviewing my credit card statement.
Susan L. Smith, Director of Training & Financial Education of Consumer Credit Counseling Service of Greater Dallas. You may email her at TheBottomLine@cccs.net.
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