Many individuals have concluded that hidden fees are a part of life. This notion leaves consumers feeling powerless when it comes to getting nickeled and dimed by big corporations, figuring this is just the way it is. On the other side of the fence, business leaders say they’re just doing what they need to do to stay competitive in their industry. We find this common practice in event ticketing, cable TV, and travel. Who can blame them? It’s a bit of a catch-22.
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Hidden fees aren’t just a consumer issue – it’s a problem for businesses as well. The inability to play fair or advertise honestly eventually impacts the reputation of a company, and many times, industries as a whole. Anna Laitin, Director of Financial Policy at Consumer Reports, gives us an inside look at how they’re tackling this issue head-on for both businesses’ and consumers’ well being.