Financial scams, frauds, and outright criminal activity are easy to spot. Of course, the phrase “there’s a sucker born every minute” didn’t hit our lexicon without good reason. For the most part, we’re wise enough to see through—or at least be skeptical of—too good to be true financial products.
But there are financial products which aren’t outright fraudulent or illegal that can be just as harmful as the bad stuff. Products many of us see everyday and take for granted.
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…not all the financial innovations have been positive; there have been some products and services created that can be a major drag on your net worth and even on your quality of life.