Big corporations get away with murder and if you’re poor or broke, you’re the one getting murdered. Why do we say that?
Simple – poor or broke people rarely get a break. Debit orders bounce, and guess what? You’re charged for that! So, let’s oversimplify it – you’re already struggling to pay a bill or several bills, and you’re charged extra because you can’t pay it??? Umm, something isn’t quite adding up…
It should be illegal to waste time reading this long boring article when you can switch over to the quick little video version instead:
Planning Ahead Is Not an Option
Right, so you receive a pamphlet or an SMS telling you that you can buy 3 big bags of diapers for the price of 2 big bags of diapers. That’s a good deal because diapers are expensive.
However, when you don’t have much money, you can’t even afford one big bag of diapers. You have to buy those ridiculously small bags with 10 diapers inside until you have another small amount of cash to get another bag of 10 diapers. You see the cycle here… so, this “special” only works when you have money, which seems counter-productive, doesn’t it?
2
Overdraft Fees
The only time we’re forced to use the overdraft facility is when we’re cash-strapped… but no surprises, that’s when the banks like to remind us of our financial grievances and then charge us even more on the overdraft.
This is pretty ridiculous when you take into account the monthly bank charges you’ve been paying the bank for your entire life, and the minimal interest you receive on your money – when you do have a little boost on the odd occasion.
This should be a value-added service, or a “thank you for your business” courtesy that all banks offer their clients. In fact, can you imagine the high number of people that would switch bank providers if this service was available?
Banks certainly know how to charge for extras, and we’ll share one of the craziest things they charge for a little later.
3
Late Rental Fees
Have you ever been late for rent, through no fault of your own, and then been charged an extra $50 for the “inconvenience” you put the landlord through?
It’s pretty sh*t, and unfair especially if you’re a first-time offender and you’ve been diligently paying your rent every month forever.
Every country has their own rules and regulations regarding late fees, but as explained on Avail.com “Late fees are legal as long as they are written in your rental lease, and they follow local laws regarding the amount you can charge and when you can charge it.”
The bigger picture is this, sadly… your paycheck is late, your rent is charged a late rental fee, your debit orders have bounced…and before you know it, your finances are in terrible shape… yet again.
4
Paying for Sanitary Products
There’s long been a debate about why condoms are given away for free and sanitary pads are not. Headlines like “Sex is a choice, menstruation is not,” are often used to drive the point home.
While there is truth in those statements, it does eliminate the continual need to also protect people from STDs like HIV or HPV.
So, instead of cancelling one for the other – both condoms and sanitary products should be free and easily accessible to everyone.
According to the BBC, Scotland is the first country in the world to provide free sanitaryware to women with the “Period Products (Free Provision) (Scotland) Bill” getting the go-ahead in November 2020.
5
Riding in an Ambulance
As if having to be transported to hospital isn’t bad enough, when you’re done with the traumatic experience, you’re in for another traumatic experience… the account.
CNBC reported findings of a study that confirmed “79% of patients who took a ground ambulance could be on the hook for an average fee of $450 after their insurance paid out. By comparison, air ambulances can cost the average patient $21,700 after the insurance pays out.”
That’s before your other unexpected medical expenses as well.
So, best not to do anything silly, like… we don’t know, having a heart attack or something.
6
Insulin
If you have type 1 diabetes, you literally cannot survive without insulin. If you have type 1 diabetes and you’re broke… you won’t be able to survive either because you won’t be able to afford a vial of insulin which costs on average $285. Each month, a person with type 1 will need between 2 and 4 vials.
Not too long ago, Colorado made headlines when they capped the monthly cost of insulin to $100 per person, according to Business Insider. The article outlined why the drug was so expensive, but pointed out that… “medical researchers who patented their invention in 1923 wanted insulin to be affordable for even the poorest sufferers from diabetes.”
And while the debate on insulin is certainly a talking point for another day, the unrealistic rising costs of the life-saving drug is something that should be illegal.
7
Bank Fees
Banks certainly use many unscrupulous methods to make their money. They like to pack on the additional and hidden fees at every opportunity that presents itself.
So, one of the craziest things that banks for… is you not using their service. If you have an account with a service provider, and it’s been inactive for a period of time, a nice little $10 account to you should jolt you into action.
Here are just some other examples of fees that many believe should be illegal!
Paper statement fees, ATM withdrawal fees, debit card usage fees, minimum balance fees, account closure fees. Sometimes, even after you’ve closed an account, you will still be privy to the odd financial charges you didn’t bargain for.
8
Towing Fees
Have you ever had a vehicle towed? It’s a truly awful experience seeing your wheels being winched up the metal platform and being driven away, while you cry – either internally or way out there, ugly cry – because you know you’re in for a bill of note.
And it’s possible that you get lucky, and the actual tow isn’t the deal-breaker, but rather, it’s the storage costs while you get your life sorted out that’s the major problem.
Some places charge as much as $100 a day – that’s $100 a day for nothing! Rates differ, for sure… so expect anything from $32 a day, as is charged in Sacramento or $100 is what you can expect in Oakland.
9
Absurd Lawyer Fees
Can you imagine if every industry charged like lawyers do?
Let’s take the writer of this article as a random example. They open the email from their producer with the topic. Great, that’s $10 onto the bill. They email their producer and get a reply. Another $10. They respond to a WhatsApp from the voice-over artist, and it’s $5… and then once the article is published within a timeline, there’s another $10 cost on… that’s without the bill for writing the script.
It’s insane, isn’t it?
But that’s how lawyers charge. You get charged for them opening and reading your email, replying, answering a call, printing a piece of paper, and before you know it, you’ve won your case, but your legal fees are so high, you may as well have not even bothered.
10
Student Loan Interest
The controversy surrounding student loan debt and its interest, is huge in the USA. Just recently, a new act was put in place called the Public Service Loan Forgiveness program. This program, although mostly unmet according to many reputable sources, aimed to relieve the student debt for people working in non-profits or the government.
And while the idea sounds admirable, it’s been a tough blow for those who have managed to settle their debt at a great cost.
The argument is that the money saved from paying back the debt will still make its way into the economy, is perfectly legit, but there’s room for improvement and fine-tuning.
According to Nerd Wallet, “The average student loan interest rate is 5.8% among all households with student debt… With a 5.8% interest rate on $30,000 of student loans, a borrower would pay about $9,600 in interest throughout 10 years.”
While we understand the importance of paying back a loan, the exorbitant interest charged could make or break the financial situation of most borrowers.
We strongly suggest you take a listen to “Destroy Your Student Loan Debt, The Step-by-Step Plan to Pay Off Your Student Loans Faster” by Anthony ONeal, for incredible inspiration to clear your debt without hoping you get lucky with the Public Service Loan Forgiveness program.
