When you're looking online for electronic products at bargain prices, you've almost certainly come across those penny auctions ads that seem to offer unbelievable value -- like your favorite laptop or camera for just $20 or $30.
But there's a catch. In order to buy at that price, you have
to win the auction. And in order to win the auction you have
to pay to bid. If you don't win, you lost the money you laid
out for each bid you made.
That, says the Federal Trades Commission (FTC), makes penny
auctions more like lotteries than regular auction sites.
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©Copyright Audri and Jim Lanford. All rights reserved.
Reprinted with permission.
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