Hidden fees are nasty little critters that can eat away at your credit card balances, or your checking accounts and you may never be the wiser. If you are stuck wondering where it all goes at the end of the money, it’s time to do some investigating to find out whether or not you are being victimized by hidden fees.

Start with your credit cards, since these are usually the worst offenders. Go through your statement carefully and look for items like credit card insurance, special monthly fees or annual fees. These can easily add up to $250 or more a year, and you may not even realize it. For example, an insurance policy on a credit card typically costs $1.50 per $1000. If you have a $10,000 balance, this means an extra $15 a month. Add that into a monthly fee of $30, and you’re already at $45, and you haven’t actually purchased anything.

Look for a credit card that has no annual fee, and no hidden charges. Transfer your balances over to that card and you could save more than $1000 a year, depending on how many cards you have and the kind of fees that you are paying.

Another big offender is the recurring charge that some services levy against you. Remember that free trial you got a few months ago? The one that would change to $9.95 a month unless you canceled? These services are betting the bank that you won’t remember to call it off, and that you’ll likely forget to do that every month. Before long, you’ve paid out $120 a year.

Go through your checking account statements and your credit card statements and look for these fees. If you’re not actively using the service, take the steps to cancel it. A few of these can really add up over time and you may never even know where the money is going.

Your bank can also be to blame for service fees. Even “free” checking may have a monthly fee that is automatically taken out of your account. Again, go through those statements and look for these fees. If you find them, consider switching to a bank that does not charge high fees, or look for a new checking account that will cost less each month.

Last but not least, if you have a cellphone, chances are you are paying way to much and getting saddled with extra fees. There are per-text-message fees, extra fees for 911 service and a variety of little add-ons. In fact, cellphone companies make an extra $1 billion every single year from these hidden charges. The best answer is to switch to a prepaid plan, but if you want to keep your service, make sure that you are aware of these little fees and budget them in.

Hidden fees are sneaky, but if you take the time to go over your statements you can avoid them. Always read them each month and don’t be afraid to contest a fee that you feel is unfair.

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