What do Taylor Swift tickets and hospital bills have in common? Hidden “junk” fees.
In a time where every dollar counts, hidden service fees, surprise charges and misleading expenses are infiltrating even our hospital bills. Now, President Biden is sounding the alarm and taking steps to ban these so called “junk fees,” according to Forbes.
At the heart of this rule lies a simple idea: transparency. Businesses would have to display all fees and the complete cost of goods and services upfront. Those who fail to comply would face stiff fines.
The proposed new Federal Trade commission rule targets those misleading, predatory and fraudulent charges we’ve all seen. Hidden charges are not just inconvenient, they are a huge burden, especially for those on a budget. A 2018 study by the National Bureau of Economic Research revealed that these deceptive charges cost Americans a staggering 20% more.
The issue of junk fees was thrust into the spotlight during the sale of Taylor Swift’s Eras Tour tickets when Ticketmaster and LiveNation faced widespread criticism. Amid technical issues and inflated prices, the next complaint was service fees. Public outcry forced some companies to voluntarily abandon these harmful practices. But it’s not just concerts, sporting events and premium airline seats – these hidden fees are even tacked on to hospital and doctor bills.
What do you think? Have you been surprised or annoyed by hidden fees? Tell us more!