If you don’t have one, read our guide on how to create a budget. “Instead of charging more on those cards, you need to maybe even stop using those cards until you can attack the balances you have and get them out of your life,” he advises.įirst, you’ll need to stick to a budget. See where the money is going and get it under control.”Ĭlark acknowledges that it can be very difficult to get out of debt, but he has confidence that you can do it. “I want you to have that forced behavior when that bill comes in and you open that envelope,” Clark says. This is especially important if you have a balance on your credit card bill. Receiving a paper copy of your credit card bill is a great way to pay attention to - and cut back on - your monthly spending. Make sure there’s no checkmark in the paperless field and click “I Agree.” Citi: The bank says to receive paper statements, log in to CitiManager, click on the “Statement” tab and select the “Go Paperless” sub-tab.Or select Account settings under the Profile and Settings icon in the top right corner of your browser. Chase: Log in to your account online and choose the Paperless button within the account summary.Bank of America: Log in to your account online and go to Profile & Settings within Online Banking and select the Paperless settings link.Here are some instructions for a few major banks. The online process is similar for many other financial institutions. Here’s a screenshot of how that looks on : Select the account(s) for which I wanted to receive paper bills.Once I logged on to my account, all I had to do was click on Accounts> Manage Delivery Preferences.I walked through the process of resuming paper bill delivery on Wells Fargo’s website. If you’re wondering how to turn paper statements back on with your financial institution, the following steps will be useful: “Know that the banks didn’t do that as your friend they did that as your adversary, conning you to go to e-statements on your credit cards, with consumer behavior being what it is.” How To Resume Paper Statements With Your Bank You may have gotten correspondence from your credit card company or bank asking you to convert your paper bills into e-statements. The more debt you have, the more money the credit card companies earn in interest and fees. In a recent news release, the Federal Reserve Bank of New York’s Center for Microeconomic Data reported that credit card balances jumped to $986 billion, a new high that exceeds the pre-pandemic record by $61 billion.Ĭlark says credit card companies and banks have a vested interest in keeping you in debt. They don’t actually look at the individual charges they have, because it’s more difficult with an e-bill by far than it is with a paper bill.” “When they get an e-bill, they only look at the balance, the minimum payment due. “With a paper bill, people will actually look, more likely than not, at their individual charges,” Clark says. MailĬlark wants you to receive a paper copy of your credit card bill because you’ll look at it differently: You’ll likely pay more attention to what you’ve spent. Why Clark Wants You To Receive This Bill via U.S. Forgoing paper copies and opting to receive electronic bank statements is a convenient way to keep track of your finances and save trees but money expert Clark Howard wants you to make one exception: your credit card bill.
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