Most expensive financial fees for 2006 released today (part 1)

December 22, 2006

Now that a new year is upon us, many of our debt free article readers are looking forward to a new year of debt responsibility as well as striving for a better debt free status. If you are looking to become debt free, you will find these newly released outrageous fees from the year 2006 to be something to learn about – so you can steer clear of them with your finances.

Just today, one popular financial planning company released a report of the biggest and most expensive fees we have suffered from in the past year. In total, the financial company is reporting thirty five really expensive fees to stay away from in the year 2007. No doubt this debt free and debt consolidation news article will be a long one, so be sure to read all of the pages.

Here is what we found out from the press release regarding the fees:

The report states that many consumers are many times oblivious to the fees they are paying from simple things such as credit card late fees to savings account fees. Whatever type of financial situation you are in, the following vital information we are about to share with you could save you hundreds of dollars in 2007 alone. After all, each and every year, these hidden and sometimes elusive extra fees rise in cost. The majority of the time – we don’t even know these fees exist until we are charged with them – here they are and how to avoid them:

Bank and credit fees

Over Limit Fees

Many of our debt free readers are aware of these nasty fees, but here was what the new report says that came out today: These are charges that your bank charges you on your checking account or credit card companies charge you when you over draft or charge over your credit limit on your credit cards. These fees are at an all time high this year. Many times your bank will let you overspend THEN charge you for it. Keep an eye out for this.

Foreign currency fees

Oh yes, this is an interesting one that many of our debt free readers are oblivious to – until it happens that is. When you travel anywhere that uses a different currency as the US dollar, your bank is going to charge you a fee (on top of the typical out of network fees they charge you) fro converting the money into US dollars. This happens with your ATM, check card and credit cards. This fee has absolutely increased ten fold this year. Many reports in the news state that this is one of the stingers for sure. Just a few years ago, we typically paid a 1% service fee – not so anymore. For example the news reports that Chase charges its card holders a minimum 3$ fee for each ATM plus another 3% of the money you take out. Try to avoid these pesky fees by first checking your bank’s rules before you travel – or at least use your card with the lowest interest rate. Some banks charge more than others.

Continued…

(532)

Back to News Updates