• Hold onto tax-related bills for seven years.tax forms image by Chad McDermott from Fotolia.com
  
  

Dispose of Immediately

• Keep receipts for personal credit card purchases until you receive the credit card statement for the month. Compare the records and make payment towards the balance. Good Housekeeping suggests shredding the credit card bill and receipts immediately after you have done so. Since these documents contain personal information, it is best to get rid of them right away.
  
  

Seven Years

• Bankrate.com recommends storing tax-related credit card bills for at least seven years. Similar to tax returns, a hard copy of these statements will allow for quick retrieval if any discrepancies are discovered in the future. This will also help in amending taxes for items you may have forgotten the previous year.
  
  

Bottom Line

• Unless the credit card bills are tax-related, shred them as soon as you compare your purchases and make your payment. The wrong person may come across these bills and create a significant amount of financial damage due to the amount of information the documents hold. Keep your tax-related documents secure in a safe, and shred them once the seven-year mark passes.