The Truth of Credit

Here is a personal story and one that I’m sure is all too common. Almost a year and half ago I was looking for a gym to join and the two closest to my home at the time were Gold’s Gym and Bally’s Total Gym. Now, don’t get me wrong Gold’s is a fine establishment but more for the bodybuilders. So I went with Bally’s. When I visited the place it was really nice. It had huge tennis courts, basketball and even an indoor pool which was great. I was an easy sell.

Then six months after joining I moved into my condo that that was about 20 minutes further away from where I previously lived. This made my trips to the gym less frequent and less convenient.  I planned to cancel my membership with the understanding that I would probably be on the hook for the remainder of the year which I was willing to accept. 

So I give Bally’s a call to see what my options are and come to find out I was on the hook with a 3 YEAR MEMBERSHIP!!!!. Personally, I have not been so mad in my entire life. I remember screaming in the phone, “Three years! I don’t remember signing anything for that duration besides I just moved 20 minutes further away.” The lady told me that I needed to review my contract. At this point I had to laugh because this is a phrase I say to the debtors I talk to daily.

Sure enough I did sign the contract and my mistake was that I never looked at it. Besides that they have a clause there that if you live within 20 miles of the club you can not void your membership. (This is painful to write!)

The TRUTH is if you think credit cards are a scam you may want to compare this to Bally’s plan. Look, I understand most people sign up and never go to the gym. However, they need to do a better job of explaining the terms of the agreement as do all credit card companies. I know I’m not the only one living this story but please don’t repeat my mistake. Also remember this “membership” is on your credit report.

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