Cut The Hidden Junk Fees Squeezing Billions From Hard Working Americans
Cash-poor Americans are paying $25 billion in hidden ‘junk fees’ every year.
The high cost of living exerts immense pressure on middle-class Americans living paycheck to paycheck. Many charges are predatory or lack transparency regarding the total costs incurred. – Fortune
The Biden-Harris Administration is taking action on junk fees that hurt Americans’ pocketbooks and the economy.
Use this interactive map to follow the money, hidden fees and what the Biden-Harris administration is doing to cut ‘junk fees’.
Junk fees
“Junk fees sneak added costs past consumers looking to save money. The FTC defines junk fees as “hidden and bogus fees that can harm consumers and undercut honest businesses. Whether buying a concert ticket, booking a hotel, or choosing a new bank, junk fees may add to the advertised cost of the goods and services you’re shopping for. When looking for the lowest price, honest businesses that share the true cost are often undercut by businesses advertising a lower price and tacking on additional fees later.
The FTC received over 12,000 complaints from American consumers in 2022 who were at wit’s end with hidden “junk” fees. To combat this, the Federal Trade Commission has proposed a new rule that could make pricing more transparent across the board. The FTC proposed a new rule last week that could impact the entire economy if approved.” – Kiplinger
Biden-Harris administration acts to cut junk fees
The White House Competition Council, President Biden called on all agencies to reduce or eliminate hidden fees, charges, and add-ons for everything from banking services to cable and internet bills to airline and concert tickets. These so called “junk fees” are not just an irritant – they can weaken market competition, raise costs for consumers and businesses, and hit the most vulnerable Americans the hardest. – The White House
TakeAway: Cut the hidden Junk Fees squeezing billions from hard working Americans.
Deepak
DemLabs
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