He asked the clerk at the cell phone store if he could have a copy of the terms and conditions that accompanied the agreement he was signing. The clerk looked at him funny as if to say that it was an odd request.
After a little persistence, the clerk said he would look for these terms and conditions, but didn't really know where they were. This implies that they don't give them out very often.
It's really important to get a copy of all of the terms and conditions of all contracts you sign. Especially with lenders, credit cards, cell phones, rentals etc.
You need to study these contracts thoroughly to understand the downside of what will happen if you don't pay. You'll learn what interest rates you're paying. You'll learn about service charges and late fees etc.
I agree that at first, it's pretty boring and dry to read these contracts. It's a bit of a learning curve trying to figure out the legal language that is used. After you've read a few of them, you'll know what to look for.
Don't hesitate to ask the clerk for an explanation on a point in the contract. If the clerk doesn't know the answer, make sure that he/she asks their supervisor for an answer. Somebody at that location should know the answer to your questions.
Don't sign the contract unless you first understand it. You're just leaving yourself open for problems. If you sign a contract before understanding it, you're still bound to it.
I've heard so many people say, "well, they're the bank, they must be okay". That's dangerous thinking. For the most part, lenders are okay. It's what happens when you don't understand what you're agreeing to. ie.. the contract charges you 29.99% interest for cash withdrawals. and 18.99% for purchase amounts. You may have been under the impression that all interest was charged at 18.99%.
Once you've signed on the dotted line, you're contractually committed to what you've signed.
