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Article Examines Effect of Fees on Credit Card Bills In the article "How Credit Cards Soak You" for Time Magazine, writer Daniel Kadlec reveals the extent to which late fees and finance charges impose heavy financial penalties on card users. Kadlec, in a story posted on the magazine's website on Sunday October 15, 2006, used one of his own purchases to illustrate the effect of mounting fees. Kadlec bought a pair of sneakers for $45.08 on a credit card issued by the retail outlet Kohl's. He then paid his bill two days late, incurring a $25 penalty as well as a finance charge of fifty cents. This raised the price of the shoes to $70.58 which, according to Kadlec's figures represents an annualized penalty rate of more than 21,000 percent. When Kadlec contacted the store he was told, "It's perfectly legal, and everybody does it." As his article subsequently reveals, the company representative was correct. According to his research, credit card late fees have tripled since the mid-1990s and are now approximately $30 to $39 on average. Oth er fees cardholders may face and of which they may not be aware include balance-transfer at about 3 percent and foreign-currency conversion fees at the same rate. Kadlec's article counsels a yearly review of cards fees and rates and suggests that card holders who are paying an annual percentage rate of more than fourteen percent should be asking questions. Kadlec is the author of The Power Years: A User's Guide to the Rest of Your Life and his article can be found at time.com. |
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