15 Issues That Are Complete Rip-Offs
Nowadays, nothing comes cheap, and even affordable is questionable. People are tightening their wallets to afford even the necessities.
Paying for items that are overpriced or not worth their sticker-shock value is like dealing with a crook. Still, we do it all the time, whether we realize it or not. Unfortunately, those instances aren’t likely to decrease anytime soon, so remain aware of unnecessary financial drains on your wallet.
1. Hundreds of Bogus Channels
Since Netflix became available, people have wondered if cable TV is worth the hype and the considerable charge. With streamers like Prime Video and Hulu offering subscriptions to Starz and Max, it’s surprising that cable TV networks have remained strong.
Cable does offer some channels like TCM (Turner Classic Movies) and TNT (Turner Network Television) that aren’t as readily available on streaming platforms. If you value channels that aren’t available on streaming services you frequent, cable TV may be the way to go, although we’re still wondering why anyone would pay such exorbitant prices for one or two channels.
2. College Textbooks
Getting a post-high school education is costly enough without adding insult to injury. Purchasing textbooks can quickly add up, especially when textbook publishers often update their books annually so students can’t work with a used version.
Additionally, when you try to sell your book back to the school after your class is finished, you only get a fraction of what you originally paid for it. To make money back from the books you purchased, try to sell them to a student who’s about to take those classes and is interested in paying less than a new book costs
3. Sky-high Prices for Low-Quality Fare
A travel layover can cut into your wallet if you purchase food at the airport. Pack a light meal in your carry-on luggage to munch on before your next flight to curb this issue.
I’ve also heard packing a treat for your closest flight neighbors can help you have a pleasant flight, particularly if you’re flying with small children who may be unruly or first-time flyers.
4. Credit Card Interest
Unless you have interest-free credit cards, you’re paying a solid 22-36% interest rate every month you carry a balance on your credit cards. On a $10K balance, that’s some serious cash.
Consider consolidating your credit cards to reduce the number of high-interest accounts. After that, there are several methods for reducing your credit card debt. Getting rid of the highest interest-accruing card first is a popular strategy.
5. Hotel Resort Fees
As if hotel resorts weren’t pricey enough, add a few items from the minibar, a room service order, and phone usage, and you can be out a few thousand dollars in no time.
To combat a high hotel bill, book during the off-season and bundle services like a rental car, hotel stay, and vacation package. Also, carry enough funds to pay for your meals, including snacks outside the hotel’s food service. Uber Eats and other food delivery programs are available in many countries, so ordering your favorite food shouldn’t be a problem.
6. Pay To Play
Oh, those deceptively sly “free” to-play games that suck you right into the pay-to-play scam they are. You can wait days or weeks to earn enough credits to continue playing, but why do that when you can instantly purchase a “deluxe” package and continue playing now? Yeah, these blow.
Online games are especially notorious for the pay-to-play scam. Games like Big Farm and Forge of Empires are two such games that make it so difficult to advance (without waiting hours or days) that you either quit or shell out copious amounts of money.
7. Paying to Access Your Own Money
Paying to access your own money is all about convenience, and banks know it. They’re more than willing to provide that convenience as long as you accept the fee. However, when you’re in a location that forces you to use an “out-of-network” ATM, you don’t have much of a choice.
Be mindful of banks that charge you once for the transaction and again for the ATM you use. If you can find one that only charges on one side of the transaction, you’ll at least minimize the fee just to withdraw money from your checking or savings accounts.
8. Disproportionate Service Connection
Cell phones have been mainstream for a long time, but their prices skyrocket as technology advances. The newest Apple iPhone 15 Pro Max is a $1,200 investment, and Android phones aren’t much cheaper. The new Samsung Galaxy Z Flip5 is one penny shy of a thousand.
The astronomical $2-5 per megabyte (MB) charge for data and the average $.25 per minute call connection outside your service area only add to the financial burden of being “online” all the time. These charges are average for domestic roaming, meaning roaming inside the country where you reside. Add international roaming, and those prices go up faster and are more exorbitant.
9. Predatory Lending
Being in a financial pinch has made payday loan lenders rich. Payday Advance and other predatory lenders lurk in the shadows, waiting for people who are up against a wall. Paying for these last-ditch loans is a quick way to get in over your head.
In 2020 alone, workers accessed $9.5 billion in early wage access funds, up from $3.8 billion just two years prior. This rapid growth for companies like MoneyLion and DailyPay means that more workers are struggling to get from one paycheck to another, let alone build an emergency fund or savings of any kind.
10. Timeshare Timebomb
Timeshares can be fun, but they can also come with a slew of undisclosed fees at the time of purchase. Depending on how you acquired your timeshare, the process could also subject you to unreasonable restrictions that limit your ability to use or rent it out.
When you add a regular cleaning service, which may or may not include laundry, electricity, costly maintenance, and unforeseen repairs, a timeshare can deplete your savings faster than you think. If having a timeshare is supposed to create an income stream for you, you might consider something a little less costly.
11. Accessing Accommodation
If there were ever a place where businesses inflate costs, it’d be the convenience store. When you stop for gas, do you ever need a drink or something to snack on? They’ve got you covered– for a price.
While gas remains the most common purchase at convenience stores nationwide, 45% of consumers said they also stop to buy a beverage, and 36% said they went inside to pick up a snack. When those gas purchases are factored in, Americans’ average price every time they stop at a convenience store is $22.
12. Organic Food
This one was interesting to find on the list, mainly because media and businesses have conditioned us to think of organic food as having better quality. But is that true across the board? Is every organic labeled food truly better for us?
Reading the nutritional label is still vital, even when the packaging says organic because the price might be the only thing that went up. In 2023, the average two-person home spent about $544/month on food. For organic produce and other organic grocery items, the price would be closer to $796/month. Times that amount for a larger family of seven, and you can see how quickly organic food prices add up.
13. Car Rental Insurance
Talk about a fraud. While it’s legal, car rental companies can and often do charge you for special insurance to rent a car, even if you have adequate personal coverage already- and those rental prices are already quite pricey.
The average cost of adding on CDW/LDW insurance is between $30 to $50 per day. Spread that over an extended trip, and you can see how easily those charges add up. While some insurance carriers refer to this coverage as a Collision Damage Waiver, others use a Loss Damage Waiver. The two terms mean the same thing and cover your liability should any damage happen to the car while you’re using it.
14. Disney World
One-day tickets to this popular park start at $109. That doesn’t include your hotel stay, food, souvenirs, or any other necessary items that you’d need actually to visit the park. If you’re coming from out of town, planning an overnight stay is a must, especially during summer.
Bundling is a popular way to save when visiting Disney World in Florida or Disneyland in California. Both parks offer great food and beverage areas and a wide range of eatery choices, but they are pricey. One way to cut back on the cost is to pay for one soda or drink of your choice and refill it from a water fountain throughout the day.
15. Movie Theater Snacks
As if tickets weren’t pricey enough, at an average of $10.53 per ticket, we’re exposing the exorbitant price of snacks at the snack counter. I can understand considerable charges for junk food goodies at a dollar theater, where it costs just $1 to get into a show.
If you’re on a budget, there are a few things you can do to save on those high-priced snacks. Boxes of candy can usually be found at your nearest dollar store and easily tucked into a purse or handbag. When all you have to pay for is your soda, it can considerably ease your night-out budget.
Sticker Shock
It’s common to experience sticker shock when purchasing a car, home, or even a PlayStation 5. For other ‘normal’ buys, it’s simply sad. As Americans and others around the world look to stretch their currency, paying for luxuries like Disney World is no longer worth the inflated value.
As the dollar’s purchasing power continues to erode, even necessities might begin to become “expensive” for those in the lowest income brackets. For the middle class, tightening your wallet might be the only way to survive with any measure of long-term wealth intact.
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