Junk mail is full of critical information
Most junk mail, or perceived junk mail, is quickly tossed aside before ever being opened. Bank and credit card notices often end up in that junk mail pile. But with changing rules in the banking and credit industry consumers need to be vigilant about reading all of the fine print and opening every envelope.
New laws require any changes to an existing credit card agreement to be sent, in writing, giving the account holder advanced notice of the changes, as well as a chance to deny the changes and pay off the account under current terms. But those changes might come in either an unmarked envelope, or at the bottom of a statement that is usually ignored. Even small changes in an interest rate can equal hundreds or thousands of dollars over the life of a loan.
“As simple as it sounds, if you keep telling yourself that something’s important, rather than telling yourself that you just don’t have time to deal with it, you’re much more likely to take action, Susan Lannis, a professional organizer, said.
Besides making the time to simply open all envelopes professional organizer Nancy Nemitz suggests that people read each piece of paper with a pen or highlighter and mark all account amounts, due dates and interest rates.
“Review the information and make a decision on whether you want to continue using the credit card,” Nemiz said. “Most people set it aside to think about later, and too many other things get in the way.”
Finally, consumers need to realize that they cannot judge mail by the envelope. Many credit card companies mark credit card offers with notices such as “IMPORTANT” “TIME-SENSITIVE” “MUST RESPOND” in order to attract attention and avoid the junk mail pile. Other companies leave off the company logo from the envelope entirely.
“We don’t include the company logo on statement envelopes for security reasons,” Betty Riess, Bank of America spokeswoman said.
