I am a fan of Mint’s personal finance website, which came to Canada a few years ago. So I happily agreed to an interview and a link on my blog roll.
Here’s an excerpt from the article, where I express views that won’t surprise my faithful readers.
What industries do you think are the biggest offenders when it comes to unfair practices toward consumers?
Telecom troubles usually top the list. Canadians have three big wireless providers, which charge high prices and bind customers to unfair contracts. Complaints about phone, Internet and TV service keep me busy every day.
Another big area is financial services – everything from banking to credit to investing. We have a few large banks in Canada which like to say they’re on the consumer’s side. But their practices are often designed to maximize profits and favour shareholders.
What are the most common consumer frustrations, concerns or questions your readers come to you with?
Consumers are frustrated by how much energy it takes to reach large companies. And when companies settle a dispute, they don’t always compensate clients for the time spent pursuing complaints. So I go to bat for my readers to get them extra concessions.
Contracts can be confusing when written in legalese and laid out in a font size too small to read. Many customers don’t check their contracts, but trust what they are told by salespeople. That leads to heartache when a company denies a claim as based on hearsay.
If you wonder about using Mint.com to track your finances, here are a few reviews:
Investor Junkie blog: Likes the site very much, but wishes there was more investing information. It’s a weakness.
PC Magazine: Best tool for managing personal finances. The fact that it’s free seals the deal.
Young and Thrifty blog: Loved the site, but was worried about online hackers and broke up the relationship.
Moneysense magazine: Be careful. Using a third-party financial aggregator can violate your security guarantee with your bank.