It’s a fast-paced world out there and it may seem like things change too quickly to keep track of. Here are three important updates to help you stay on top of your finances:

1. Big-Time False Charges on Credit Cards

Credit.com reports that two customers in recent months were charged $23 quadrillion for small credit card purchases (like a pack of cigarettes)!

Although your credit card company would most certainly alert you if such a monster charge showed up, you might not be informed if the charge amount was slightly less egregious.

To make sure you aren’t being charged more than necessary:

• Check and save receipts: Before signing a credit card receipt, make sure the dollar amount is what you expected. And hang onto receipts from debit and credit card buys. That way, you’ll have your own record to check against bills. You may be surprised at what you find.
• Scrutinize your bills: Set aside a time to open mail from your bank and card issuers and check each item carefully. As soon as you spot an incorrect charge, alert the proper authorities so it can be corrected.

2. Teens Scrambling to Get Credit Cards

When the Credit Cardholders’ Bill of Rights goes into effect next year, those younger than 21 will require parental permission to open credit cards.

This means that 18-, 19- and 20-year-olds will have to jump through some hurdles if they want to have plastic of their own.

• The plus side: This provision may protect many college-age teens from racking up enormous credit card debt without fully understanding their financial obligations and will likely put an end to card issuers aggressively marketing on college campuses.
• The downside: Without a credit card, it’s hard to establish a credit history, which may mean young adults may not be able to get a lease, utilities, a car loan or other essentials.

Under-21s who think they’d like a credit card should apply now – but only after making sure they understand how their card operates and how to stay out of debt.

3. More Food for Same Price

Msnbc.com reports that, thanks to lowered ingredient prices, many supermarket buys (especially those found in the snack aisle) have increased in value recently.

Last year, many food manufacturers reduced package sizes rather than increasing prices (noticed a change in your cereal boxes?), but now that the economy is struggling and prices for basics like corn and oil are lower, the opposite is happening.

Sources indicate that the shift will likely be most noticeable for chips and other snack-type foods.

Tags: credit card, credit cards