"the Fine Print: Reading And Understanding Travel Insurance Documents In Australia" - As consumers, we often don't read the terms and conditions. From booking airline tickets, insurance or even a simple purchase from your favorite clothing store; reading the fine print is not something we spend a lot of time on.
Yet we live in this hyper-digital world where all our data and information is shared online. As such, we want to ensure that companies take extra precautions to protect our valuable personal information.
"the Fine Print: Reading And Understanding Travel Insurance Documents In Australia"
However, something as simple as agreeing to the Terms of Service (TOS) when updating a mobile app or software on your computer without spending time reading it can be costly.
Reading The Fine Print On A Loan Agreement
A survey by Deloitte found that approximately 91% of US consumers accept legal terms and conditions without reading them. With younger consumers between the ages of 18 and 34, that number is even higher, with 97% actually agreeing before reading. So why bother reading the TOS or the fine print when it can be up to 33 pages long? A 2019 news article from The Washington Post reported that one lucky teacher in Georgia could receive $10,000 in travel insurance just for studying.
Now, not all companies are generous enough to shell out thousands of dollars to read terms and conditions. However, it's time to start taking advantage of how you can save money by doing it.
The "Fine Print" or Terms and Conditions is a legally binding agreement between you and the company or business. When you buy a product or service from a company, they send you a terms and conditions agreement that outlines your rights as a consumer. In many cases, there are also terms of service to protect the company from any liability or lawsuits if the product is faulty or the service is not what you expected.
You can think of the fine print as a legal contract between you and the company because it outlines your rights in the event of a dispute and how the company and legal proceedings will be filed.
Why Reading The Fine Print In Contracts Is Important
Think about how carefully you read your last employment contract or loan agreement with your bank. You've made sure that everything on these pages is in line with your rights as a bank employee or customer, so why ignore the fine print on other important purchases or services?
While reading the fine print can be a tedious process, it can save you money on purchases, subscription services, or insurance plans. Even taking the time to review a retailer's Return Policy can be of great benefit when you want to return or exchange a product.
Read the terms and conditions before clicking "I accept" and here are some of the easiest ways to save a few extra bucks.
When we have to get a loan for whatever reason, our loan agreement with a bank or financial institution is often a long and complicated document that contains unclear terms or conditions. .
Cinzia Fine Print Reading Glasses With Case In Three Colors — Troy's Readers
Again, this may be a common practice, but if you are a careful reader or take the time to read it, you may come across some points that are not considered during the loan application process.
Banks and lenders have hidden fees for almost everything these days, and while they can range from small percentages to larger amounts, paying extra for your loan can quickly become a financial burden.
What many consumers don't know is that some banks have a prepayment penalty. This means that if you pay off most or all of your debt early, you may be charged a penalty and have to pay a hidden fee.
Many people take interest rates for granted, and while it's not something we track every month or year, it's good to know how lenders are paying interest on the cash you're borrowing. Interest rates change with the rate of inflation, and depending on the overall health or stability of the national economy, interest rates may fall or rise.
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Inflation can be something that occurs in the direct consumer sector, such as food, gas, electricity or other consumer goods - but your car or home insurance is also subject to inflation. did you know it could be.
Yes, some insurance brokers tend to adjust your annual premium or monthly payment based on inflation from year to year.
These are sometimes called "inflation-adjusted" or "inflation-adjusted rates," which indicate the percentage increase in your monthly premium over the next year.
Although inflation isn't something you can control, it's always good to make sure you're aware of it and don't be surprised if your premium goes up next year and you don't know why.
Read The Fine Print! Don't Sign Away Your Free Speech!
E-commerce and online shopping have almost completely redefined the consumer environment in the past few years, making it easier and more convenient to find your favorite products online and have them delivered to your home within days.
According to the latest statistics provided by Statista, as of 2020, the average American consumer spends approximately $1,434.00 per year on clothing and other services.
When you spend money on merchandise, especially clothes, shoes, and more, you miss out on the fact that some companies and online retailers may charge you a restocking fee if you want to return your new purchase.
Yes, retail companies may charge you, the customer, a fee to return an item for any reason. Sometimes the restocking fee included in the retailer's return policy can be anywhere from 10% to 25% of the product price, or perhaps a flat fee.
Just One Thing: Reading The Fine Print
In Washington state, not only can retailers include these clauses, but local regulations also modify these clauses to include them freely.
Also, the restocking fee can be included in different items and still be taxable. This means that you will pay tax on what you are returning as well as the initial restocking fee.
While rules and regulations can vary between states and retailers, if you don't read the return policy before or after you make a purchase, a restocking fee can cost you a lot of money.
Have you ever noticed that some businesses, particularly clothing retailers and furniture stores, have a Buy Now Pay Later promotional deal? Yes, if you're looking to buy a major appliance right now but don't have the spare cash to make it happen, these ads offer us a short-term solution.
Reading The Fine Print On Insurance
The Buy Now Pay Later or BNPL promotion allows you to buy goods on 'credit' and not have to pay anything for certain months. The amount of time can be from 3 to 12 months and depending on the amount of purchase, you will have to return it at the end of the period.
Let's say, for example, that you bought a TV for $1,599. First, it can be an administration fee for the purchase, which can be a flat fee or a percentage of the purchase.
After 12 months, you must pay the $1,599 in full one day after 12 months, plus 12 months of interest. Some companies may charge you $1,599 and require you to pay the interest in installments, called forfeited interest.
Another option is for companies to pay you the full $1,599 plus 12 months' worth of interest the day after the 12-month period ends—called late interest.
Not Reading The Fine Print Can Cost You Big Time
Instead of paying a one-time $1,599 for your TV, you can now pay $1,918.80 on the first day after 12 months. And don't forget the administration fee you pay along with it. There may also be a penalty if you fail to pay immediately.
So, even if you're thinking of buying a TV or sofa on a Pay Now promotion, you should read the terms and conditions first, as it could end up costing you much more than what you originally paid for each item.
Have you ever purchased an item with a credit or debit card, only to have it misplaced, damaged, or stolen after purchase? Well, some credit card companies offer something called "Purchase Protection" that allows you to get back money spent on lost, stolen, or damaged items.
One such company is Mastercard, whose United States Purchase Protection Act allows consumers to claim purchases made on Mastercard credit cards.
The Fine Print By David Cay Johnston
What this means for consumers is that if the store or retailer refuses to give you a refund, or if your item is lost or stolen, you can claim the amount of that purchase within 60 days of the original date.
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