I usually keep a credit card or two around in order to help build up my credit. I pay the balance off monthly, though I don’t actually look at my credit card statement each month. I figured if I am paying it off each month then that was enough.
However, one day I decided to take a look at my statement and noticed I was being charged $20/month for something I didn’t recognize. While doing my research I discovered the charge was for a membership I had signed up for when I ordered something off the TV back in 2006. I didn’t even realize I was a member of this service. I cancelled immediately but a significant amount of damage has been done already. $1440 down the drain.
– Submitted by: Ryan
I’ve seen my dad fall into minor expense traps like this one. Signing up for a repeated delivery service of some sort just because you order one. It’s an unfortunate circumstance that a lot of people seem to fall for when ordering things off the tv, or without reading the terms of the purchase.
Really all you can do is just be diligent of reading through what the purchase actually includes, and if you can avoid giving them your credit card information all the better. Stay frugal and always check your statements for all accounts for any charges you don’t recognize.
Amount Flushed Down the Money Drain: $1440