By John Voket
I know the temptation of wanting something now, even if the cost for that item does not equate with the amount of disposable cash on hand. With so many individuals opting to sign up for 'rent-to-own' programs, this advice from the Better Business Bureau is particularly valuable.
The BBB says rent-to-own stores are popular alternatives to using a credit card, for consumers with a poor credit history or people who donâ€™t want to put down a deposit on merchandise. Today, there are 47 states with legislation that spells out consumersâ€™ rights when engaging in a rent-to-own contract. Â
Better Business Bureau and the Federal Trade Commission (FTC) receive complaints about rent-to-own stores that do not adequately explain their contracts, delivery of used or damaged goods, and illegal collection practices.
These include having reps show up at consumersâ€™ front doors if a payment is late, placing harassing telephone calls and threatening to call the renterâ€™s employer to report a late or missed payment.
Better Business Bureau recommends consumers take the following precautions before entering into a rent-to-own lease: