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Today's Terms
Implied warranties
Definition:
under state law, consumers are guaranteed certain implied warranties. A “warranty of merchantability” comes automatically with every sale and is the seller’s promise that a product is fit for its ordinary use.
SLAMMING
Definition:
The term used to describe what occurs when a customer’s long distance service is switched from one long distance company to another without the customer’s permission. Such unauthorized switching violates FCC rules.
Loan Scams
Definition:
Before you sign on the dotted line, get all of the loan terms in writing, including the payment schedule and interest rate. If the lender isn't familiar to you, contact your state banking department and ask how to confirm that it's licensed and operating properly.
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