We’ve written before about people who co-signed a loved one’s loan and were left owing the debt after the borrower passed away before the loan was repaid. But even if you weren’t the co-signer, you might still end up being on the hook for thousands. [More]
Are you looking for a new apartment or house? Apartment Therapy has some advice about what questions you should ask before putting your name on a new lease. We’re featuring this on Consumerist because there is advice about negotiating extra fees and deposits for cats, a crucial topic for our readership. [More]
Here’s a perfect example of what a ripoff rent-to-own or “lease-purchase” (to use the Kelly’s phrase) arrangements are to the consumer. This $250 Wii console can be yours for only $79 a month, and after 12 months, it’s yours to keep. By that time, you will have paid $948 for it. By comparison, if you charged it to a credit card with 18% interest, you could pay $23 a month and have it paid off after 12 months. Kelly’s offer will cost you $673 more than paying with the credit card.
Mark Solheim over on Kiplinger thinks leasing cars has a bad rap, and that more people should be doing it. “If you know what you’re looking for and negotiate smart—and get over the five myths below—leasing can be a good deal.”
A reader wrote into Bankrate and asked what he should do with his truck now that the lease was up. Should he buy it for the residual price, or simply lease a new truck?