Tired of mounting credit card debt? 3 ways to review your year-end statement
Before indulging in the festivities and joy of the upcoming year, it would be highly beneficial to assess the magnitude of any lingering debt from the current year.
Why not begin by reviewing your credit card summary, which provides an overview of all the expenses incurred with your credit card in the past year? The increase in credit card debt is noticeable, with both millennials and Gen Z turning to these cards for their day-to-day spending. Additionally, the allure and thrill of immediate gratification should not be underestimated. The appeal of having a card to swipe for every expense, whether minor or substantial, is a sensation that many find hard to resist.
In December, credit card statements frequently arrive, emphasizing any remaining debts. This serves as a helpful reminder for individuals to handle their finances responsibly and steer clear of possible penalties. The statement itemizes your monthly expenditures, highlights your primary card usage locations, and provides details such as the amount of interest paid, among other information.
You can view your credit card summary as your spending report, the quality of which depends on how much you spent and how frequently you use your cards to appease the petulant child in you. High expenditures on entertainment or impulsive purchases may feel like indulgent treats, while essential bills and responsible spending might seem like mundane chores.
Yet, while injecting humour into our spending habits can lighten the mood, it’s important to recognize that the significance of our credit card summary, or spending report, extends beyond mere appeasement of our inner desires. It serves as a crucial tool for maintaining financial health and practicing responsible credit
Read more on livemint.com
