Some businesses solely focus on profit. People are suffering because of these businesses.
A user asked the forum, “What is a predatory business that shouldn’t be legal but is?” Here are the top responses.
“College textbooks will release an ‘updated’ edition every semester, but the information doesn’t change. Plus, after you have spent a fortune on the books, the places that buy textbooks will give you 5% of what you paid for the book.”
RENT TO OWN
“Rent to Own (furniture, appliances, televisions, video game systems, etc). The markup on the interest over time costs four times the purchase or more.”
“Price gouging for basic medicine that is cheap and easy to produce (e.g. insulin and EpiPens). Wife has type 1 diabetes. Her pump is over $ 1,000 a month with 50% coverage. $177 for just the sensor pack.”
PAYDAY LOAN COMPANIES
“Payday loan companies are like financial vampires, messing the life out of people with high-interest rates.”
“Healthcare insurance industry. They can straight up reject claims that you should be covered for and make you jump through near endless hoops to get them to pay for the service that is part of your plan.”
“Car insurance. You get penalized for using it. Even just once in some cases.”
PRIVATE EQUITY COMPANIES
“Those private equity companies that buy up a company to burn just gut it and sell all the parts and assets off. It’s a robber baron but with shareholders.”
TOW TRUCK COMPANIES
“Tow truck companies. Specifically, those monopolizing every parking lot across the state (Wyatt’s Towing in Colorado). Especially when they sit and prey on vehicles. The minimum ‘drop’ fee is like $150 cash. To get it from the lot is going to be $300 if you can come up with that amount the same day, but it doubles for ‘storage fees’ if you need time to scrape up $300.”
“Pet insurance. I’ve never heard anyone make a successful claim for anything when their pet needs medical attention. Pet gets hit by a car; we only cover it if it’s a bike. The pet needs surgery because it swallowed a kid toy; we only cover it if it’s a pet toy.
I’ve heard so many stories of people paying up to $50(Australian) a month for ten years only to be knocked back when their pets become ill/injured. Most pet insurance covers 1 or 2 things in particular. I put that money into a high-interest savings account monthly and make sure I don’t touch it unless my little buddy needs it!”
“For-profit colleges. Ever heard of someone successful with a University of Phoenix degree?”
“Organized religion. You should have every right to believe what you want and practice those beliefs without persecution. Churches should not be able to do many things they do.”
“Funeral homes. It’s all about preying on people’s grief to upset them into expensive products when the reality is a cheap wooden box would be just the same.”
CAR BOOTING EXTORTION
“Car booting extortion. I paid $300 to get the boot taken off.”
REAL ESTATE SALES AND AGENTS
“Real estate sales and agents. The whole % of home models is insane, and the industry is morally bankrupt. They will mostly say and do anything to make the sale and are not ‘on your side.'”
THE PENAL SYSTEM
“The Penal System. Jailing for profit is a horrible business. Also, civil forfeiture is stupid.”
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This article was originally published on Mrs. Daaku Studio.