Life insurance enables individuals to cover their family members against financial risks that may arise in the future. So, one must not overlook its purchase. If one can afford it, they could consider picking a policy with a higher coverage. Moreover, there are several errors that one could make when buying a life insurance policy, which could result in limited benefits for their family. Here are five such mistakes to avoid. Focusing only on the premium amount Several buyers pay attention only on the premium amount they are supposed to pay instead of looking into more about the coverage and its terms. Doing so could result in buying a policy that is insufficient for meeting the requirements of the policyholder’s family. So, one must consider factors such as future goals, children’s education fees, and inflation instead of only focusing on the premium. Relying on the employer’s insurance coverage Employers generally offer a basic level of life insurance coverage. So, one must not completely rely on it for protection and should consider getting supplemental life insurance. Moreover, one may be able to secure a reduced premium rate when they opt for the life insurance provider associated with their employer for standard coverage.

Credit cards have made transactions incredibly convenient, as users can choose to pay later for any purchase. Such flexibility ensures that one’s purchasing power does not depend on one’s bank balance. Today, several credit card companies offer attractive benefits on purchases, including cashback and reward points, and have emerged as highly lucrative for users. However, one needs to exercise some caution while using credit cards. So, here are some credit-card habits to avoid: Applying for many cards at once Users often have multiple credit cards to split large expenses so that there is sufficient credit available for each card. However, applying for multiple credit cards successively can trigger multiple inquiries, which can negatively impact the credit card holder. So, it is best to avoid applying for multiple credit cards simultaneously. Not making timely payments Delaying credit card payments repeatedly can affect one’s credit score, which can cause problems with securing loans. In most cases, banks either reject loans or charge high-interest rates for those with poor credit scores. Many employers also reject candidates with a negative credit report. Paying credit card bills on time can help improve one’s credit score. Frequently paying through EMIs Equated monthly installments (EMI) allow users to repay credit card debts flexibly in parts over a specific time frame.

Scamming is a common concern today, with many people losing hard-earned money to online hacking, fraud, and phishing. Over 2 million frauds are reported in the country each year. What started off with seemingly harmless spam messages has evolved into phishing emails and malware activity. Further, fraudsters can pose as banks and other financial institutions to get one to divulge confidential information. So, here are a few banking scams to know: 1. Credit card scams Here, one may receive calls from someone claiming to be a representative of their respective card company. They might share a link to let one update their profile or application or even upgrade their credit card. One might even receive calls saying the card issuer is checking for possible fraudulent activity in their account. This is a believable claim, so one should verify the caller’s details, seek official communication from the caller over mail to check credentials, and avoid clicking on any links till then. If one suspects wrongdoing, they should block the phone number of the caller and call the official bank helpline number to verify the details. 2. Check overpayment scams This is a common way of scamming those who participate in online auctions.

A debit card makes it easy to access money from the bank or an ATM. One could easily spend what’s in their account without carrying cash or writing a check. However, each bank sets its terms and conditions associated with a debit card. Those who sign up for one online without a second thought might often incur unwanted charges. With this in mind, here are four mistakes to avoid when applying for a debit card. Going for the first available option Several banks offer a series of debit card options to customers. However, in a hurry to get things done, people apply for the first card they see online. Doing so may result in paying higher fees than one should or signing up for features that one does not need. Individuals must always take their time when applying for debit cards to ensure they sign up with a suitable provider. Not reading the fine print One of the common mistakes people make when applying for a debit card online is ignoring the fine print. While a bank may offer a debit card free of charge, it might be conditional on eligibility criteria. For example, one might incur charges if they do not spend a certain amount within the first year, such as $500.

Although the world is shifting to digital transactions, people continue to use checks as a mode of payment. Moreover, many people prefer to secure or guarantee future payments with post-dated checks. However, since checks are not readily available, one needs to know how to order them. This knowledge is especially important for those ordering for the first time. So here are a few ways in which one can order checks to meet their financial needs. Banks If one has a bank account, one can easily order checks. Moreover, if one has previously ordered checks from their bank, they can reorder by visiting the bank’s website. However, those who are ordering checks from their bank for the first time would need to connect with a customer service representative or visit the bank in person for details. To ensure security, one will have to verify their identity by presenting a valid government-issued photo ID. Similarly, one can also order checks from a credit union. Some banks and credit unions like Wells Fargo, Chase, Bank of America, Navy Federal Credit Union, and Ally Bank offer the first few checks for free. Online printers If one wishes to order checks with customized designs, one can easily do so through online check printers.

Freight factoring is a common financial tool to provide immediate funds to trucking companies by selling their shipping invoices to the factoring companies. This provides financial stability to the trucking companies with quick capital. Although this is a popular financial practice, many fraudsters can see this as an opportunity to commit factoring invoice scams. Read on to learn the three facts about freight factoring frauds and how companies can avoid them. Fake invoices to get immediate cash flow Some companies may be experiencing shortage of cash flow. This issue, coupled with the daily expenses, makes the business owner commit factoring invoice fraud. Trucking company owners may create one or more false invoices and submit them for payment to the factoring company, among other legitimate invoices. This is a quick way to get funds and that is why it is an easy way to get funds even though the main intent may be to return them to the factoring company in full. Many low amount invoices may get sanctioned without review, leaving room for fraud. The best way to avoid such a situation is to thoroughly review all the invoices systematically and ensure that the invoice amount corresponds to the services provided by the trucking company.

Paying off credit card debt can be a tedious and lengthy process. However, with proper planning, you can reduce your debt to a substantially low amount. Failure to pay credit card bills on time can jeopardize your financial well-being, which must be addressed and corrected as soon as possible. As debt accumulates, so does the stress. Here are some of the mistakes that are commonly made while paying off debt that can easily be avoided. Continuing to use the credit card It is crucial to refrain from using a credit card that has a significant amount of debt until the entire debt has been paid off. Though you may be able to make your monthly payments and reduce the amount of debt over time, the interest charges will continue to compound and accumulate each month, resulting in a much larger debt than you initially incurred. To put an end to this cycle, it is necessary to stop using the credit card completely, at least until all the outstanding dues have been cleared. Also, do not fall prey to “buy now, pay later” shopping schemes. Lack of planning Having a well-planned strategy is the only way to get out of debt easily.