The Consumer Financial Protection Bureau (CFPB) has recently been taking measures to reduce or eliminate so-called “junk fees” that consumers pay on a daily basis – those hidden charges that surprise us when we look at the bill, whether it’s a monthly surcharge or a late fee that’s greater than the payment we missed hours before the due date. While they pursue their goals of reining in banks and other companies, there are several things within your control that you can take charge of right now to keep your junk fee load from dragging down your finances.

• Review credit card offers carefully. No one likes to read the small print, but that may be where the “gotchas” are buried. Look for things like interest rates, late fees, or monthly or annual surcharges. People with less-than-perfect credit are particularly vulnerable to high-interest rate credit cards that may also come with monthly or annual fees for the “privilege” of accessing credit. Be sure to fully explore all offers carefully.
• Look for hidden bank account costs. These include things like overdraft charges, minimum balance penalties, out-of-network debit card use, or even talking to a human representative instead of using an automated system. Also ask about any fees charged to you if a check you deposit from another party doesn’t clear.
• Review your bills before paying. If there’s a charge you don’t understand, call and ask! It’s probably legitimate, but it may also be something optional or that is added by “default” unless you ask to have it removed. In some cases, such as with medical services, you may be able to negotiate a lower amount.
• Consolidate. If you are paying for both cable television and streaming services, evaluate the amount of time you spend with each and decide whether it makes sense to eliminate one or more. You may also be able to bundle some streaming providers to add more options for less money than what you get with cable.
• Be proactive. If you have experienced a change in circumstances, such as an illness or loss of household income, call your creditor before you fall behind and ask what they can offer you to ease the burden. Companies don’t want to lose customers, and many will offer reduced payments, payment plans, or deferments to give you some breathing room.
• Evaluate application fees carefully. Rental applications, college admission applications – those fees can add up. Evaluate your choices carefully and only submit the applications that make the most sense.

Fees can quickly turn into a junk pile without action. Be your own advocate; even if you do make a mistake and make a late payment, call and ask for a one-time courtesy to have it removed. You won’t know until you ask, but it won’t happen if you don’t!