Do you have feelings of anxiety, stress or embarrassment when you think of opening your bills? If so, finding the courage to open your bills can help you overcome these feelings and face the fear of the unknown. If you feel like your drowning in debt, then the best way to get out is to start by understanding how much you owe.
Perhaps you’re someone who is too busy to open your bills, so you prefer just to pay them. Hopefully, after reading this post you’ll value the two-step process of reviewing and paying your bills.
I remember watching how Fred G. Sanford (Redd Foxx) on Sanford and Son (’70s TV show) handled his bills – he would either put them in a table drawer unopened or tell his son (Lamont) to put them back in the mailbox. That may have been funny on a sitcom, but in reality this practice can be very dangerous. You know what they say, “What you don’t know can hurt you!”
Here are the Top 5 Reasons to Open Your Bill:
- Identify any Erroneous Charges/Fees – Reviewing your account statements and bills give you the opportunity to verify everything is correct. I found a $594.00 charge for a sub sandwich on my credit card statement, when it should have been for $5.94. If I didn’t catch this error that would have been one expensive sandwich!
- Manage your Debt – Monitoring your accounts (e.g. verifying payments are applied correctly) makes it easier for you to manage your debt and track your progress in paying off debt.
- Improve your Credit Rating – Checking your bill due date and paying on time is one way to improve your credit score. According to myfico.com your payment history is the largest component used to determine your FICO® score.
- Identity Theft – Verifying your account statements help you to identify any fraudulent activity earlier.
- Check for any Account Changes – Service providers (e.g. cable) usually include account change notifications inside your bill.
When it comes to opening your bills, what you don’t know could cost you in more ways than one! Can you afford to pay for someone else’s mistake or shopping spree?
Just for Laughs 😆 – Watch the video below to see how Fred G. Sanford handled his bills.
FICO® is a registered trademark of Fair Isaac Corporation.