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Avoid certain consumer traps when shopping and trying to pay off debt
12/14/2009
As many consumers try to pay off debt, some may also be adjusting their spending habits during this holiday season.
However, as much as people may change the way they shop, they should also be aware of some of the trick retailers and banks may try to pull. A recent story from Consumer Reports laid out some of the things that could catch consumers off guard during this shopping season.
For example, many consumers may consider buying gift cards for people. Cards make it easier to shop for loved ones because they take the thinking out of buying. However, Consumer Reports noted that sometimes the cards can come with hidden fees or expiration dates.
"And the recipient could end up with a worthless piece of plastic if a company goes out of business or files for bankruptcy protection after you buy its card," the story from Consumer Reports said.
Another way companies could try and get more out of consumers is through fees associated with bank account overdrafts, the article said. However, the Federal Reserve recently announced new rules would require banks to ask their customers' permission before enrolling them in such programs, which charge consumers a fee when their account is overdrawn rather than denying transactions.
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