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History's lessons for today's decisions ／ Steps to Take When Unsure

Five steps for reading statements and contracts

Are you only looking at the monthly fee?

How to Read Statements and Contracts in 3 Minutes

  1. See it
  2. In numbers
  3. What would you do?
  4. Read more

1See it

Swipe to see more

1 / 7

Don't read from top to bottom. Decide the order first.

2 / 7

One. The total amount. Not the single payment, but the total for the entire period.

3 / 7

Two. The period. When does it start and end? Does it renew automatically?

4 / 7

Three. How to cancel. The steps and fees for cancellation. Is there a cooling-off period?

5 / 7

Four. Fees. Add up the fees for buying, holding, and canceling to get the annual rate.

6 / 7

Five. The other party. Who is the contract with? Are they registered or licensed?

7 / 7

You can check if a transaction is eligible before you sign the contract.

2In numbers

5steps

The reading order: Total amount, period, how to cancel, fees, and the other party.

3What would you do?

You receive a contract offer that says, 'Just a small monthly fee.' What's the first number you should look for?

Pick one

The monthly amount

The monthly amount is designed to catch your eye. With this method, you look at the total amount first. Not the single payment, but the total for the entire period.

The total for the period

That's right. Start with the total amount and end with the other party. Deciding the order first helps you avoid making a decision based on the monthly fee alone.

4Read more

Read the full story ↓

When to use　Before signing a contract. When reading a statement you've received. When considering cancellation.

Don't read from top to bottom; decide the order first. Total amount first, the other party last. According to the Consumer Affairs Agency, the Act on Specified Commercial Transactions includes civil rules for resolving trouble (e.g., cooling-off periods), and you can check before signing if your transaction is covered.

Procedure

  1. Total amountThe total for the period, not the single payment amount.
  2. PeriodStart and end. Does it extend automatically?
  3. How to cancelProcedure and cost of cancellation. Is it subject to a cooling-off period?
  4. FeesAdd the costs of buying, holding, and selling to get an annual rate.
  5. CounterpartyWith whom are you contracting? Do they have a registration or license?

In other countries

Systems for canceling a contract within a certain period exist in other countries, but the number of days and what is covered vary by country.

Bibliography

Related Lectures and Notes

P2　P1　Calculating the accumulation of fees

Back to "Everyday Money: Calculations and Procedures" list

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