If you're not reading the small print on your bills, you may be paying a big price for it. Hidden fees may be draining your bank account so slowly, you don't even notice it.
According to Bob Sullivan of MSNBC, "Companies under pressure to keep advertised prices low have seized on trickery to pump profits up." Sullivan calls it "Gotcha Capitalism" and says consumers' personal finances are under siege.
Whether it's through your cell phone, cable service, or credit cards, research reveals U.S. consumers are losing an average of about $950 per year on hidden fees. Sullivan says the actual numbers add up to a $100 billion in "sneaky fee" revenue for companies each year, which is double the amount stolen through identity theft. He added, "Hidden fees are so drastic now, that they may even be screwing with the national inflation rate."
Sullivan has written a book called "Gotcha Capitalism: How Hidden Fees Rip You Off Every Day - and What You Can Do About It." His book gives consumers step-by-step instructions on how to identify and fight hidden fees.
Click here to read Sullivan's full article on MSNBC.
Click here for 10 Tips on how to avoid paying "sneaky fees."
