To people strapped for cash but looking to make a big-dollar purchase, the idea of financing that item through a rent-to-own store can be tempting. After all, most of us can afford $30/month, but not everyone has $900 on hand. But those monthly payments may go on for years, meaning you’ll pay double or triple the face-value of that purchase by the time you’re done. In the last decade, this rent-to-own model has become increasingly popular, especially among lower-income Americans. Now one U.S. Senator is asking federal regulators to keep a close eye on this retail industry. [More]
