Why Lost Credit Card Statements are not your ‘Get out of Jail Free’ Card
If there’s one thing you will need to know is that you are responsible for paying your credit card bill each and every month, regardless of your circumstances. For example, friends of mine were quite surprised to find not only a late payment fee, but a mark on their credit report, when they failed to pay their credit card bill.
Their excuse: they didn’t receive their credit card statement in the mail.
Sorry, but that excuse just won’t cut it in the eyes of your creditor.
Creditors don’t want to hear about lost credit card statements, payments that may have gotten lost in the mail, or nearly any other excuse (real or otherwise) that you may throw their way. You may have some leeway with your creditor the first time this happens, but don’t expect your creditor to be a sympathetic ear to your financial blunders. Take matters into your own hands and make sure the bills get paid.
Because of this, it is important to understand and take care of your monthly debt obligations. Here’s what you can do:
- Make a spreadsheet or other document that clearly marks all debts that require monthly payments, including the mailing address for the creditor, your account number and the due date each month. A spreadsheet will allow you to reference your monthly obligations, thereby ensuring you won’t overlook a payment.
- Set up electronic statements and forgo the paper statement. An electronic statement notification will be delivered, via your email, each month, and your statement will be available online and accessible using a username and password. The email notification may be just what you need to remind you of an upcoming credit card bill.
- Set up automatic payments, if desired. Automatic payments allow you to pay your credit card bill each and every month, at the same time, without a thought from you. If you have trouble remembering to pay your credit card bill (or any other bill, for that matter), automatic payments are definitely the way to go.
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