Does Your Credit Card Bill Need Federal Inspectors?
Federal inspectors recently took a look at the last 2 years worth of purchases made on government credit cards by employees Yucca Mountain Project Office.
The Yucca Mountain Project is the country’s first high-level nuclear waste repository. They have a few offices across the country, and the Las Vegas Sun reports that officials in the Nevada weren’t following proper regulations.
This report doesn’t include any of the abuses that just came to light in Florida – where GOP leaders reportedly used party cards to pay for personal trips and good. Mostly, it’s just notes on following procedure and saving by not paying the utility bills with credit cards.
But the story got me thinking: What would outside inspectors recommend if they saw your credit card statement?
- Are you overpaying for goods by carrying a steep balance for long periods of time?
- Is your interest rate as low as it could be? Are there better offers out there?
- Are you making small purchases with a credit card – things like gas and utilities – that might be cheaper if paid in cash?
While it’s likely that none of us want federal oversight of our every move, this is a good reminder that sometimes it’s worth while to take a step back and take a long look at our credit card statements.
In the month-to-month grind it’s easy to get caught up in a habit of simply paying the minimum and moving on. But if you really dig deep into your statements you might find ways to save. Particularly pay close attention to:
- Fees
- Interest rates
- Types of spending
- Previous payments
This can help you make sure your payments are arriving on time and that you’re receiving a fair rate. And examining your spending habits may show you regular purchases or areas where you can be more frugal or reduce expenses.