Phones can be purchased for around $20, but over half a million mostly older Americans still send the phone companies between $4.45 and $19.95 each month for a rented phone. Many senior citizens mistakenly believe that their rented phones are a great deal. From Bankrate:
Currently, the company’s most popular leased telephones are the Signature Series products, which “are much more robust than the average telephone, are available in a wide selection of colors and have special features, such as a real bell ringer, which we know our lease customers want.
“Many of our customers tell us they lease for the products, benefits and services that leasing provides,” Muldoon said in a prepared statement. “The No. 1 benefit they cite is unconditional product replacement.”
Rented phones aren’t easily identifiable on most monthly bills. The phones are often listed as “leased equipment,” and some companies hide the charges over three months. Of course, the ‘real bell ringer’ might be a dead giveaway.
If you think your parents or grandparents are renting their phone, buy them a new phone, and return the rented phone to the phone company.