Consumer Reports: Rent-To-Own Electronics Can Cost 3 Times More Than Retail
PITTSBURGH -- Several consumers may think that renting to own pricey electronics may be a good idea, particularly if the consumer has bad credit. But according to Consumer Reports, the too-good-to-be-true rule applies. According to a recent study done by the group, renting to own things like big-screen televisions and other expensive appliances can actually cost more than three times the retail price. During their investigation, Consumer Reports found deals where a $600 computer cost nearly $1,900 after less than a year's worth of payments. In another example, the group found a washer and dryer combination worth $1,000 wound up costing the buyer $2,700 after 2 1/2 years in payments. Despite high interest rates, experts said the rent-to-own industry is growing. Experts said 4.1 million customers purchased items from rent-to-own stores in 2009. Experts said the stores typically appeal to low-income families who can't afford to buy from traditional retailers. Email Newsletter: Get The Latest News Sent To Your Email!
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In another example, the group found a washer and dryer combination worth $1000 wound up costing the buyer $2700 after 2 1/2 years in payments. Despite high interest rates, experts said the rent-to-own industry is growing. Experts said 4.1 million
A Consumer Reports' investigation found that consumers renting electronics and other appliances from Rent-A-Center and other rent-to-own merchants could pay interest rates of up to 311 percent. Yonkers, NY - infoZine - Consumer Reports recently
They come with a washer and dryer," Jim Schmidt said. Schmidt is the executive director of the Sioux Empire Housing Partnership. "This is our first lease-to-purchase program here in Sioux Falls," Schmidt said. Those looking to buy one of the homes will
If you think the deals offered by rent-to-own stores are too good to be true, you are right. They are a ripoff according to a new investigation by Consumer Reports. Consumers are paying the equivalent of up to 311% interest on items like big-screen
Energy consumption from clothes dryers make up about 16 percent of energy demands in the residential sector. The $1500 upfront cost of the solar thermal closet exceeds the $600 average upfront cost of a dryer, but the closet doesn't require the
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