How to Read Your Credit Card Statement: A Quick Guide

Understanding your credit card statement is crucial for managing your finances effectively. Here's a simple guide to help you navigate the key sections:

1. Statement Date: This is the date your statement was generated. Transactions after this date will appear on the following statement.

2. Payment Due Date: The date by which you must make at least the minimum payment to avoid late fees and potential damage to your credit score.

3. Credit Limit: The maximum amount you're allowed to borrow. Keep your balance well below this limit to maintain a healthy credit utilization ratio.

4. New Balance: The total amount you owe as of the statement date, including any purchases, fees, or interest.

5. Minimum Payment: The smallest amount you can pay to keep your account in good standing. Paying only this amount will cost you more in interest over time.

6. Transaction Summary: This section lists all your purchases, payments, fees, and interest charges during the billing cycle. Review this carefully for any unfamiliar charges.

7. Interest Charges: If you carry a balance from month to month, this is where you’ll see the interest you're being charged. Paying more than the minimum due or the balance in full can help you avoid these costs.

8. Rewards Summary: If your card offers rewards, this section shows how many points, miles, or cash back you’ve earned.

Regularly reviewing your credit card statement allows you to spot errors, monitor your spending, and make informed decisions about managing your debt. Understanding your financial statements is a key step towards better financial health.

If you need help with your debt, contact us at 800-955-5765 or schedule an appointment online at www.consumercredit-dm.com.