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6 Biggest Credit Threats and Ways to Protect Yourself

The biggest drawback of using a credit card is the risk of credit card fraud.

…s certainly possible) that the local BestBuy is going to skim your card number from a genuine, in-store transaction. Big-name corporate chains tend to have elaborate security procedures that are difficult for rank-and-file store employees to circumvent, even if they wanted to. However, countless fly-by-night shops exist who will happily skim you, both online and in stores. Of course, not every small shop is out to steal your credit card number. It simply pays to be mindful of the possibility and the greater odds of it occurring in smaller rather than larger stores.Review Your Billing Statements PeriodicallyThe sad truth about most forms of credit card fraud is that you, the card holder, are often in the dark until the thief does something so egregious that you are notified. Fortunately, there is one way to detect early warning signs of fraud: periodically reviewing your billing statements. While most people instinctively toss their statements in the trash (because, after all, they know what they charged),…

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6 Biggest Credit Threats and Ways to Protect Yourself

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Bail out the post office on the big banks’ dime

The U.S.

…Instead, a grassroots bailout — this time, of the post office. This time, paid for by the bailed-out banks. We can do it. Here’s how: From now on, don’t just throw out those credit card offers. Instead, put the paperwork in the “postage will be paid by addressee” envelope (first removing anything with your name on it) and drop it back in the mailbox. You’ve just transferred the cost of mailing that letter from the not-so-needy Chase/Citi/Bank of America to the oh-so-needy USPS. Who needs Robin Hood when we have postage-paid envelopes?

The U.S. has 307 million people. If each person received an average of just one credit card offer a month (most adults get more than that, while children get none) and mailed it back to the bank without a signed application, at a cost to the bank of 44 cents postage, U.S. consumers could transfer $135 million a month from the banks to the Postal Service.

There’s no red tape, no lobbyists to pay off, and no congressional hearings to schedule. Tweet this post…

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Bail out the post office on the big banks’ dime

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