Bank of America is the latest major financial institution ordered to refund millions of dollars to consumers who were billed for credit card-related products they never ordered - and likely didn't even need.
A dentist tells an older patient during an exam that she needs expensive treatment. She can't pay the fee outright, so the dentist immediately arranges financing through a medical credit card plan. A month later, the patient opens her first bill and discovers that the card is not interest-free, as she'd thought. In fact, it carried an annual interest rate as high as 27 percent if she didn't pay it off within a certain period.
Software manufacturer Adobe says that hackers infiltrated its computer system, gaining access to sensitive information on nearly 3 million customers - including names, encrypted credit and debit card numbers and details of past orders.
This is a guest post by Lynnette Khalfani-Cox, host of the AARP Pay Down Your Debt Challenge, which is taking place on AARP.org through Jan. 29. Learn how to get started paying down your debt, join the Pay Down Your Debt group, and you could have a chance to win a prize.
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