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Did you read that carefully?

April 7, 2010

I just completed an assignment on advertising. I found a car ad with a financing rate of 1.9 per cent and a disclaimer that explained what the payments would be with a rate of 3.9 percent. That’s right. The fine print rate is more than double the advertised rate. I began to wonder how many people read the fine print, so I did a little googling.

I discovered an article by Yannis Bakos, Florencia Marotta-Wurgler and David R. Trossen that claims that only one or two in a thousand internet shoppers actually clicks on the license agreement when buying software. If you haven’t done the math yet, that is .1 to .2 per cent of us.

They also claim that of those one or two shoppers none actually read the whole thing through. Speaking as one of the weirdos who clicks on those agreements, I know I can’t claim to have ever had the patience to read the whole thing through — until now.

Anyone have any horror stories of getting caught paying for something because they didn’t read the fine print?

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2 Comments leave one →
  1. April 7, 2010 11:21 pm

    Hey guys, as most of you know I worked at the Better Business Bureau for the last year and this happens all the time. People just don’t read the fine print about anything. They see a great deal and don’t realize the strings attached to the deal, the refund, or the long-term commitment.

    It’s vital that people remember to go through the fine print on every single thing they buy either in person or on the net.

    • April 22, 2010 9:00 am

      It’s great to have confirmation by someone in the know. Thanks Ron.

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