American consumerism and regretted purchases go hand in hand. The evidence hangs unworn in your closet, sits unused in your basement or taunts you month after month on your credit card bill.
Fortunately, you can undo some dumb spending decisions or, at least, mitigate the damage.
Here are a few ideas for divorcing your bad buys.
-Ditch an auto lease. Got in over your head with an auto lease because you succumbed to new-car smell and the allure of a luxury nameplate? Or maybe you lost a job and can't afford the payment anymore. Get your do-over by transferring your lease to someone else. It can help to use such online brokers as LeaseTrader.com. It's actually a seller's market right now because more people want to adopt unwanted leases, which require no down payment and are less of a commitment than full-term leases for those with uncertain financial situations, said John Sternal, spokesman for LeaseTrader.com At LeaseTrader.com, for example, listing a vehicle costs about $90 and using it to facilitate the lease transfer, which would involve checking the credit of the person assuming the lease, costs about $150.
-Dump a cell contract. Paying an early termination fee can be worthwhile if you're in a bad contract. Fees are usually prorated based on how far into the contract you are. Even if you have to pay a full $175 termination fee, you make that up in less than three months if your bill totals $60 a month. And you could sell your phone to further mitigate the cost. Another out is to transfer your cell-phone contract to someone else, which avoids the early-termination fee. Online brokers are available to help. CellTradeUSA.com, for example, charges about $20 to play matchmaker. You may not be able to retain your wireless phone number, however.
-Use cooling-off rights. The Federal Trade Commission's "Cooling-Off Rule" gives you three days to cancel certain types of purchases. It typically applies to purchases of at least $25 made in your home or a location other than the seller's permanent place of business. Some states have added cooling-off rights for specific purchases, such as health club contracts and timeshare vacations. Your state attorney general's consumer office can tell you which purchases qualify for cooling-off periods.
-Get rid of products. From clothing to electronics, regretted purchases abound. Your best do-over possibility comes from returning the item to the store. So, take advantage of retail return policies. And some credit cards offer a "return guarantee" benefit, which means the card issuer will refund your money if the retailer won't, assuming you return the item within 90 days, said Edgar Dworsky, editor of ConsumerWorld.org. Some retailers, notably auto dealers, have offered money-back guarantees that kick in if you lose your job. If you can't return the item, you could sell it and recoup at least a portion of your money. Online sites, such as eBay and Craigslist, newspaper classifieds or using local consignment shops can be good outlets.
-Cancel memberships. Many memberships and subscriptions come with trial periods, which allow you to cancel without further obligation. Some magazines, for example, allow you to cancel and will issue a refund for unmailed issues. If you're a longtime subscriber to a service, bust the inertia of doing nothing and resolve to cancel the service.
The antidote for avoiding regretted purchases in the future is forcing yourself to take time and rationally evaluate a purchase before buying. As motivational speaker Jim Rohn said, "We must all suffer from one of two pains: the pain of discipline or the pain of regret. The difference is discipline weighs ounces while regret weighs tons."
Gregory Karp is a personal finance writer for The Morning Call, Allentown, Pa., and author of "Living Rich by Spending Smart." E-mail him at yourmoney@tribune.com.
This story posted by LeaseTrader.com, the automotive service company that lets people transfer out of their Car Leases early. If you're looking to swap a lease or transfer out of your car lease, please visit www.leasetrader.com