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Losing a wallet is a terrible thing. If you have ever lost it, you will understand the shock and unhappiness that comes when you realize that your wallet is missing.

There will be confusion and frustration trying to figure out either you lost it or misplaced it. You wouldn't want to spend more time analyzing if it was stolen or you had misplaced it somewhere because of the valuables that are in it.

The wallet counts as one of the safest and most handy accessories to store some of the most valuable documents like a credit or debit card, Identification Card, or others. If any of the cards get into thieve's hands, the consequences might be worse than just losing a wallet.

If you find yourself in such a devastating situation, you should act as soon as possible. Here are five things you should do.

Deactivate Your Debit Card
The first to do is to call your bank immediately. Since your debit card is linked to your money in your bank, it is crucial, that you deactivate the card as soon as possible. By doing this, you will avoid your money being used by the thief or some lucky person who found your wallet.

In most cases, the bank will ask that you review the transactions that have been made to confirm if the card belongs to you. Also, an embargo is placed on the card that will automatically restrict its access to your account. This is done to confirm if anyone has tried to use the card since the wallet was declared missing.

A good thing is that you don't have to walk into the bank to report a missing or stolen card. Most banks use online platforms where you can report this unfortunate event. If you cannot get through with the online platforms or mobile apps, you might have to call your bank. Once the card is canceled, you can file for a new one.

Cancel your Credit Card
Once you report your stolen debit card to your local bank, you should also call your credit card company. However, most credit card companies alert users when there is an unusual purchase using the card. It would help if you let them know that the card has gone missing to prevent any fraudulent activity.

Report to the Police
You might wonder if it is wise or right to report a case of a stolen or lost wallet to the police. It is actually a smart thing to do. You don't know who stole your wallet and what was their purpose, so you should take every precautionary step to prevent fraudulent activity from someone using your identity.

Your identity card and/or your driver's license are usually kept in your wallet. Making a report of the theft to the police saves you from the stress and possible charges against you,  should your identity be used for unlawful activities.

Update Your Accounts with New Details
You would not know the importance of automatic bill payments online until you lost your card or got a new one. Once you get your new card, you have to update all your accounts with your new card details.

Update your utility bill account, your phone and internet should be updated, and every other necessary account.

File for A New Drivers License
Now that it is apparent that you lost your wallet or whoever who stole it is not going to return any of the contents in it, you should consider getting a new driver's license.

Although, understandably, no one wants to visit the DMV, especially to get a new license. However, that's the appropriate thing to do if you're going to keep using your car.

Take Away
Losing a wallet is not fun. The unhappiness it brings is overwhelming. Nevertheless, you can't undo what has been done. Life must go on. Instead of getting yourself devastated by the situation, try to do the things listed above to reduce the extent of its effect and get things back to normal.

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