Unfortunately, everyday purses and wallets become lost or stolen. The missing credit cards in your purse or wallet become the biggest concern.

Do you know what to do if this happens to you? Well, you should because a few simple steps can save you a lot of headache. It really isn't difficult to develop an action plan for your lost or stolen credit cards.

All major credit card companies have policies to protect you from loss or theft. You just need to know how to get their policies working for you if your cards become missing.

The first step is to contact your credit card companies to report your missing cards. Many companies offer a toll free number or an online service to handle this type of problem specifically.

Fortunately, federal law states that your are only liable for the first $50.00 of fraudulent charges made to your account. However, you are still required to report the card lost or stolen and if you do so prior to any fraudulent charges, you are not liable for the $50.00 charge either.

Be sure to carefully review your statement for any charges that don't belong to you. And, if there are any fraudulent charges to your account, notify your credit card company in writing immediately.

When your send in your written notification be sure to mail it to the billing errors address. Do not send it with your payment as it will probably become lost and never get recorded.

A lost or stolen debit card works somewhat differently from a credit card. If you report the card lost or stolen before it is used you are not liable for any charges, however, if you wait for even two business days you may be liable for up to $500.00 of any fraudulent charges made with your card.

After you have reported your missing card, be sure to review your statements carefully for any fraudulent charges. You should call, as well as, follow-up with a certified letter regarding any issues with your lost or stolen card. This added step will help to eliminate any liability on your part.

Also, remember to have your credit card contact information in a safe place where you can quickly access it if needed.

Of course, the best way to avoid these problems is to keep careful track of your credit cards. Know where your credit cards are at all times and keep your pin numbers secret. Also, be sure to use pin numbers that are not easy to figure out, such as your date or birth.

Most importantly, be prepared to contact your credit card companies via telephone and in writing as soon as possible in the event your cards become lost or stolen.

Jill Kane helps you find credit cards for all of your financial needs at Credit Card Offers