Stolen Wallet? Four Steps to Take

Have you ever had your wallet stolen, lost your purse, or just misplaced a credit card?  While I can't make it painless, a few simple steps can make sure that you lessen the chances of long-lasting trouble.  Here's what I suggest:

  1. Be prepared:  Know the telephone numbers to report your credit cards stolen.  Keep them in your cell phone, and keep a hard copy accessible.  You might want to keep a copy in your glove box – you usually aren't at home when things are lost or stolen.  Don't carry unnecessary credit cards with you, especially when you travel.

  2. Act fast:  Don't waste valuable time looking for your things.  You can always call the companies back if you find your wallet.  Call your creditors as soon as you suspect a possible loss.

  3. If you are married, maintain separate credit card accounts. I explain why here in The Case for Separate Credit Cards.

  4. Consider if you want to put a credit freeze on your credit bureau accounts.  Last time my husband's wallet was stolen, we took a long time to decide whether to use a credit freeze.  At that time, we decided not to, but it was a hard decision.  I'm still trying to learn more so that I know what to do next time.

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Here's a short video clip from USAA that talks about stolen wallets:

About the Author

Kate Horrell
Kate Horrell is a military financial coach, mom of four teens, and Navy spouse. She has a background in taxes and mortgage banking, and a trove of experience helping other military families with their money. Follow her on twitter @realKateHorrell.