In this episode, Ariel talks about Junk Fees, which are ways that companies take money right out of your pocket – and at a time of high inflation, you definitely need to know this information.

KEY TAKEAWAYS

• Companies are charging lots of extra fees because they’re trying to milk you for money. A lot is going on politically with this and actions have been taken by the Biden/Harris Administration as part of the Fourth Meeting of the President’s Competition Council which announced two different actions they would take: working with the Consumer Financial Protection Bureau to slash excessive credit card late fees from $30 to $8, saving consumers as much as $9 billion, which is crazy. Then, the Department of Commerce’s National Telecommunications and Information Administration is releasing a report assessing areas of competition in mobile app stores because they have extra fees hidden in them.
• The Junk Fee Prevention Act is out there to provide consumers with the transparency that they deserve before making a purchase. It hasn’t passed in Congress, but the fact that they’re talking about this is huge.
• Before you purchase concert tickets, for example, make sure that the concert ticket provider is not a third-party provider. A lot of times it’s really hard to tell. Their administration fees are often a lot of money. You have a choice: You don’t have to buy those tickets if you don’t want to, or you could buy them through a different service.
• If you are buying real estate and you see terms like ‘regulatory compliance cost’, ‘transaction fee’, ‘broker fee’, or ‘technology fee’ you need to know about them. Real estate brokerages usually charge real estate agents a desk fee in order to be able to use their back end, legal support, their office, and bunch of things they use to work out of that office, or they have to give up a certain amount of commission (especially if they’re new to that business). Sometimes the real estate brokerages will add this fee onto a transaction meaning the client pays that instead of the agent.

 

BEST MOMENTS

‘My own rent has gone up over $600 in two years. A $7,200 increase in two years, that’s unbelievable!’
‘Airline travel, concert going, common purchases, seemingly almost everywhere, consumers are compelled to pay excessive charges.’
‘I don’t know what your grocery bills are doing, but mine went from $600 a month to $1,000 a month in less than two years, and my teenager is only here part of the time.’
‘Real estate junk fees are called a lot of things, but it should really be called a BS fee!’

ABOUT THE HOST

Ariel is a Licensed Massage Therapist, Registered Clinical Hypnotherapist, Reiki Master, Empath and Psychic who has been involved in holistic healing since 1988. She is also an educator, speaker, author and mentor for empaths, spiritual seekers and medical professionals. To reach Ariel, go to www.arielhubbard.com, where you will be able to contact her directly.  Please let her know you heard her on the podcast and the assistance you need or question you have.

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