As we welcomed the New Year with a new, more energy-efficient crystal ball in Times Square and people used pedal-power to generate energy to light up the 2009 sign, we are reminded of the need to be more economical and efficient with our resources in the coming year. The Consumer Protection Board (CPB) offers consumers the following Top Ten Making Cent$ Resolutions they can easily follow, to help improve their fiscal condition in the coming year:
1. Pay your bills on time. CardTrack.com reports that fewer people are paying their credit card bills on time, with the percentage of people who are delinquent in their payments the highest it’s been in three years. Geared toward young people who are especially vulnerable to high debt, the CPB’s Money Mark online tips can be useful for all ages. The web site is at https://www.consumer.state.ny.us.
2. Spend only what you can afford. Resolve to choose and use credit cards wisely. Before signing a credit application, ask questions to make sure you understand the terms and conditions such as fees and penalties for the card. The CPB’s Choosing and Using Credit Cards available online can assist you in making informed credit card decisions.
3. Reduce your general debt. While this is easier said than done, it should be a priority for consumers, especially during this fiscal crisis. One way to tackle this issue is to make a list of all your debts and prioritize them by the highest amounts and interest rates. Pay off as much as you can in the shortest period. The CPB’s Debts You Owe and Debts You Don’t can be found online too.
4. Save, save, save. Saving is important, even for people with debt. Research the best interest rates on savings accounts and other financial instruments, and try to put some money aside on a regular schedule. A good idea is an automatic deposit from your paycheck. If you have debt, once you are successful at reducing it, you can transfer the payments you were making into your savings account!
5. Stretch your dollars. Through its ongoing Stretch Your Dollars Effort (SYDE), the CPB is on your SYDE providing consumer-driven tips on how to make your money go further.
6. Protect yourself against identity theft. Heighten your awareness on identity theft prevention. Be stingy with your personal information, and shred documents before throwing them away. Identity theft can result in lost funds, destroyed credit rating, being accused of crimes committed by the perpetrator, and other damage that can take a long time to repair. Because of fraud in 2007, New York consumers reported paying $46,103,842; a $5 million increase from the $41,798,588 reported in 2006. Refer to the CPB’s identity theft information at https://www.nysconsumer.gov/internet_security.htm.
7. Watch for signs of scams and fraud. Check your credit card billing statements for fraudulent charges and monitor your bank and other financial statements on a regular basis. If you spot something suspicious or unusual, report it to your credit card or financial company immediately. Follow the CPB’s online tips to help protect yourself and your loved ones from scams and fraud.
8. Check your credit report regularly. Under the law, you are entitled to a free credit report from each of the three major credit reporting agencies once every year. Review the report carefully and follow-up with any errors or fraudulent entries. Reference the Mystery Behind Credit Reports, available online.
9. Save money by being more energy efficient. There are easy and inexpensive things you can do to save money and help the environment at the same time! For every one degree, you lower your thermostat for a 24-hour period, you could save 3 percent on your heating bills. Reducing drafts around windows and doors, you could save up to 20 percent on your heating bills.
10. Become an empowered consumer. The more you know, the less you will fall victim to swindles, fraud, debt, and other consumer hazards. The CPB provides numerous educational resources for consumers. Resolve to check the CPB’s web site on an ongoing basis. Consumers with complaints or in need of assistance or mediation services are urged to contact us by phone at our toll-free number, 1-800-607-1220 or online using our downloadable form on the CPB’s website at https://www.nysconsumer.gov/complaint.htm.
Additional information about credit cards, identity theft, scams, fraud, managing money, and more may be found on the CPB’s website at www.nysconsumer.gov.
Mindy A. Bockstein is chairperson and executive director of the New York State Consumer Protection Board (CPB).
