Summertime is the time to sit back, relax, and let go! However, in doing so, there’s a high tendency to let go of your financial control. By doing so, you are opening the door to accumulating more debt and putting a dent in your debt management process. Let’s focus on some summer credit mistakes you want to avoid this season to stay on track!
Summer Credit Mistakes You Should Avoid
If you’re not careful this summer, you might undo the good financial habits you’ve set in place in just a couple of months. Making summer credit mistakes are like going to the beach without sunscreen! It may not sound important, but the repercussions of accumulating personal credit card debt can be harmful.
Taking all of your plastic with you on vacation.
Never carry all of your credit cards when traveling. This is not only because of the high spending ability, but also about you not risking closing all your accounts should you lose your wallet. While you don’t want to carry all of your credit cards, be mindful that you probably still need to carry one card for costs like hotel check-in and rental cars.
Double-paying for rental car insurance.
Once you are at the car rental, all you really want to do is move along. Therefore, the likelihood of you saying yes to anything in the rental agreement is high. Be mindful not to buy unwanted rental insurance.
Not being current on payments before you leave home.
Dealing with credit card debt should always be at the top of your list. “Out of sight-out of mind” does not really work when it comes to debt recovery. Make sure you are current on your bills before you head off on vacation. Set up automatic payments early on so that you do not have any missed payments on your accounts.
Not keeping your card issuer in the loop.
It’s always a good idea to alert your card issuer if you plan to be making charges in other states or countries. Many banks will flag your account if purchase activity seems to be out of the ordinary. Submit a travel notice online or give them a call! This will save you the hassle of having to make a call after a transaction is denied.
There’s nothing wrong with indulging in some lazy summer days. But when it comes to using credit wisely and protecting your financial information, you have to be diligent every second of every day!