Citi Financial Retail Services
Overcharged interest

I signed up for a no payment, no interest, for 12 months, purchase of a mattress. I understood that I did not need to make any payments for one year and that if I did not pay off the amount in full by the end of the agreement I would be charged interest on the unpaid amount. I paid each month so that the only amount owed at the end of the period was $99. This company charged me $169.37 in interest on the outstanding amount of $99.00! Now I understand just what it means to be ripped off. I don't care what the agreement says or doesn't say. I truly believe this practice to be the highest form of usury. It is an immoral and unethical practice perpetrated upon a gullible uninformed public. It is a blatant manipulation of legalese to take advantage of buyers. Say what you might about "caveat emptor", there is a moral responsibility of on the part of business to act with integrity. This company clearly prefers to "hide" behind it's legal documents rather than step up to its ethical and moral obligations. Until the public clamors its disgust at such behavior, more and more individuals will continue to be ripped off "legally".

Company: Citi Financial Retail Services
Country: USA

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