6 Common Misconceptions About Statement Balance Higher Than Current Balance | Statement Balance Higher Than Current Balance

Your statement balance is not always exactly what you think it is. Just because you didn't realize that something was wrong, doesn't mean that it has to stay that way. In fact, it can be very easy for your balance to get higher than current. Here are several tips to help you figure out if your balance is higher than current.

First, you will need to know the balance. Your statement balance is simply the total amount of money that you have at the end of the month, with all of your bills still paid in full. The current balance is, what you owe, when you have all of your outstanding accounts paid in full and the amount of current cash on hand. If there is an increase in the amount of debt you have or the monthly payment for any of your bills, this could cause a difference in your statement balance. For example, if your bill payments were increased by 100 dollars, but you only have a half of a thousand dollar balance, your balance may be higher than current.

Second, you may want to check into the minimum monthly payment for one of your bills. If your bill has a higher than average minimum payment, your statement balance may be higher than current. If you only make the minimum payment, however, you may not even be able to afford to pay the bill if the minimum monthly payment is more than you make. For example, if you make only the minimum monthly payment on a credit card and it is cost-prohibitive for you to do so, it may be in your best interest to drop that card.

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Third, you may want to look into the length of your account. Many companies will advertise their minimum balance length, but they do not always stick to it. If an account has a very long minimum balance length, it may be in your best interest to drop that account because you are not able to pay the full balance at any given time. If you are paying close to the minimum balance, however, it may be in your best interest to keep the account open because you will be able to catch up soon enough.

Fourth, you may also want to look into the fees that you are being charged for your statements. There are a number of different fees that you may be billed. Some of them are listed on the statement balance itself. Others are only added after you commit to a certain amount of shopping. These fees can sometimes cost as much as fifteen percent of your statement balance every month.

Fifth, you may want to consider taking out a short term loan to pay off your account. You should consider this option only if you can honestly afford to pay off your balance in the next few months. Taking out a short term loan with a high interest rate may be cheaper, in the long run, than paying off the entire balance of your account in a short period of time. Be sure to compare the interest rates of your short-term lenders to those of your current lender to determine if you are truly getting a good deal.

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Sixth, look over your statements carefully. Check for any mistakes that may be listed on the statement balance. There may be mistakes that you did not see. Look for them and notify your bank immediately. Federal law states that your bank must give you written notice that you have disputed a charge or item on your statement. This is the easiest way for you to fight back and ensure that the debt that you owe continues to be satisfied.

Seventh, review your budget. Your statement will provide you with an estimate of how much money you will be able to pay off your balances in a specified time frame. If you do not have enough money in your checking or savings accounts to cover your debts in full, it may be prudent to pull money from these accounts. However, keep in mind that you may have to pay fees to open new accounts.

Statement Balance vs

Statement Balance vs | statement balance higher than current balance

Credit Card Statement Balance vs

Credit Card Statement Balance vs | statement balance higher than current balance

Statement Balance vs

Statement Balance vs | statement balance higher than current balance

What’s the Difference Between Statement Balance vs | statement balance higher than current balance

What’s the Difference Between Statement Balance vs | statement balance higher than current balance

What’s the Difference Between Statement Balance vs | statement balance higher than current balance