How To Get Yourself Out Of Credit Card Debt

How To Get Yourself Out Of Credit Card Debt – Credit cards offer the most convenient way to pay for purchases and everyday things. In addition to convenience, a credit card offers you a number of other benefits. If you put a little effort into choosing the credit card that best suits your needs, you can earn many benefits and rewards.

There is also the appeal of a free loan term. You can pay for the purchase a few weeks after making it. Many Singaporeans appreciate the flexibility that a credit card offers them. When they receive their statement, they can choose to pay only the minimum balance and “pay back” the rest.

How To Get Yourself Out Of Credit Card Debt

If you use your credit card this way, you will obviously have to pay some interest. There are nearly 8 million credit cards in circulation with up to S$5.3 billion in debt, according to the Monetary Authority of Singapore. Considering that the average interest rate on credit cards in Singapore is around 25%, this can cost consumers hundreds of millions of dollars every year.

Credit Card Information: The Basics You Need To Know

However, these are not the only costs associated with using credit cards: credit cards are vulnerable to fraud. If you are not careful how you use your card, your information can be stolen and used by other people. Thousands of dollars can be spent on illegal activities before you even know it. Although credit card issuers have advanced fraud detection methods, there may be situations where fraudulent use goes undetected and you are ultimately responsible for payment.

A global study by ACI, a company that provides electronic payment services to more than a thousand major financial institutions, reveals some surprising facts. About a third of all credit card holders worldwide have fallen victim to fraud. The situation in Singapore is dire, with 36% of respondents to a 2016 survey saying they had experienced credit card fraud in the past five years, up 8% from 2014.

Fortunately, there are steps you can take to protect yourself. Here are some things to keep in mind when using a credit card to avoid credit card fraud.

Tip #1: First, you should always lock your smartphone when you’re not using it. This is usually safe because your phone is often close at hand or on your desk. But if your unlocked phone falls into the wrong hands, the consequences can be serious. Your credit card information and other personal information can be retrieved in minutes.

Credit Card Fraud: Unmasking The Dark World Of Credit Card Dumps

Tip #2: Second, shred (or at least shred) your credit card information before throwing it in the trash. If you don’t, your junk can become a prime source of information for fraudsters looking for your credit card account information. They can use this information to impersonate you when communicating with call center staff.

Tip #3: thirdly, perhaps the biggest mistake some cardholders make is to write the PIN code on a piece of paper and keep it with the card. If you lose your wallet, your credit card is more likely to be used to withdraw money or make an illegal transaction because you’ve made it easy for a thief.

Tip #4: Another very dangerous practice is using a public computer to conduct online transactions. Why not do this? Many people think they are safe if they carefully exit after completing their purchase. But, unfortunately, not everything is so simple. Hackers often install keyloggers, computer software that records every keystroke on public computers and Wi-Fi networks. If you use these devices to pay for products, your login and password will be immediately disclosed.

A credit card thief can install a card reader at an ATM or store. When your card is scanned for a valid transaction, the runner captures your credit card information. This information can later be retrieved and used to make purchases that will be charged to your card. It is possible to make a copy of a credit card using skimmed information.

Reasons To Say No To Credit

Another way to steal a PIN is to install a small camera in the room where the ATM is located. The camera records the number you type on the keypad, giving a thief all the information they need to access your account.

Tip #5: Unfortunately, there’s not much you can do to prevent this. What you can do is check your online card statement regularly to see if any transactions or withdrawals have been missed. If you find any errors, be sure to dispute them with your bank. Because banks must recognize these fraudulent activities at an early stage, they are likely to reimburse you.

This is a common strategy used by scammers. You receive a call from someone pretending to be a bank employee who issued your credit card. The caller usually has your card information. This information is provided to you so that you can be sure that the call is genuine.

Tip #6: The caller will later ask for your password or your CVV number (the three-digit number on the back of your card. This is used for authentication purposes). You should end these calls immediately. . They are actually very easy to spot because they have a “hook” that will lure you into some kind of savings, deal, or emergency. If someone asks for your sensitive information, you can first hang up and call your bank to ask them to contact you.

Who Wants To Be A Responsible Credit Card User?

No matter what steps you take, it’s difficult to be 100 percent safe from credit card fraud. But if you take a few basic precautions, it’s certainly possible to reduce your risk, as credit card thieves and fraudsters prefer easy prey. However, if you notice any unauthorized activity on your card, you should notify your bank immediately. A quick response can save you from financial responsibility and many other problems.

Duckju (DJ) is the founder and CEO of . It covers financial services, consumer financial products, budgeting and investments. He previously worked at hedge funds such as Tiger Asia and Cadian Capital. He graduated with honors from Yale University with a Bachelor of Arts degree in Economics, magna cum laude. His work has been featured in major international media such as CNBC, Bloomberg, CNN, Straits Times, Today, etc.

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Biggest Credit Card Scams And What You Can Do To Protect Yourself

Since you recently moved to Canada, you will quickly realize how useful a credit card can be for everyday purchases.

Using a credit card and paying your bills on time is one of the best ways to build your credit history in Canada. And good credit can help you get loans and mortgages so you can make big purchases like a house or car.

Because your credit card is an important tool, it’s also important to protect yourself from credit card fraud: people who want to steal your card information and use it for themselves. Here’s how to protect yourself from credit card fraud.

Your smartphone contains a lot of information that fraudsters would love to have. Use strong security settings and follow these basic tips to protect what’s stored on your phone.

How To Protect Yourself From Credit Card Fraud

This article is for general information

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