Posted on 10/21/2014 8:49:47 AM PDT by knak
CULLMAN, Ala. — The love seat and sofa that Jamie Abbott can’t quite afford ended up in her double-wide trailer because of the day earlier this year when she and her family walked into a new store called Buddy’s. Abbott had no access to credit, no bank account and little cash, but here was a place that catered to exactly those kinds of customers. Anything could be hers. The possibilities — and the prices — were dizzying.
At Buddy’s, a used 32-gigabyte, early model iPad costs $1,439.28, paid over 72 weeks. An Acer laptop: $1,943.28, in 72 weekly installments. A Maytag washer and dryer: $1,999 over 100 weeks.
Abbott wanted a love seat-sofa combo, and she knew it might rip her budget. But this, she figured, was the cost of being out of options. “You don’t get something like that just to put more burden on yourself,” Abbott said.
Five years into a national economic recovery that has further strained the poor working class, an entire industry has grown around handing them a lifeline to the material rewards of middle-class life. Retailers in the post-Great Recession years have become even more likely to work with customers who don’t have the money upfront, instead offering a widening spectrum of payment plans that ultimately cost far more and add to the burdens of life on the economy’s fringes.
The poor today can shop online, paying in installments, or walk into traditional retailers such as Kmart that now offer in-store leasing. The most striking change in the world of low-income commerce has been the proliferation of rent-to-own stores such as Buddy’s Home Furnishings, which has been opening a new store every week, largely in the South.
(Excerpt) Read more at washingtonpost.com ...
Pretty much so.
These places are good for short term needs - you can rent furniture for a small weekly charge then return it when you don’t need it any more. Over the long term it’s a ripoff. Don’t understand why the politicians who posture over payday loan companies leave the rent-to-own business alone.
I recently went and bought a brand new, huge, Ashley sectional with lounge on sale for $900 at a liquidation store.
People are nuts.
In the late nineties, my (ex)wife walked out on my three kids and me. ‘Knew I had to land on my feet for the sake of the little ones. By God’s grace, three decisions helped save our bacon:
I wrote a family budget, an actual spending plan like the envelope system, but written across spreadsheets. I ruled over my own impulses with it, and it was simple enough to read that, when the kids would ask if we could have pizza on a weekend, I’d tell them to look at what the Budget Book said. They knew the balance there in Entertainment would be the answer to their question, no arguments. I still use that system to this day.
Also, we had the best time together going to thrift stores, finding treasures. Mostly clothes and accessories, but also household stuff, and even trinkets and stuff that the kids could buy to give as Christmas gifts. On summer road trips, we’d even stop in at small town shops to see what we could find. Lots of good memories there. My two grown daughters still enjoy doing that.
Lastly, I got a Discover card and always, always paid off the balance every month. I could pay in cash, but they pay me for using their card. Every quarter, I still redeem between $300 and $400 in cash-back earnings.
Truths learned? (A) I don’t DESERVE the newest and best and shiniest; and (B) some things are worth waiting and saving for.
Everybody knows that when you purchase pot, the more you buy, the more you save.
Why not just go in halfsies with a friend? That right there can save you $20 right off the bat.
That is a fascinating concept and a lot of folks would be very interested in seeing that.
Of course there would be a strong correlation between IQ and political affiliation too, but we can't discuss that openly!
I’m late to this thread, but I once went to the used furniture outlet operated by a rent-to-own company and furnished a whole apartment with almost-new furniture for $999.00.
Y’know, I never asked. They both were in management and made good money, too. Considering their other financial obligations, I guess they just weren’t that smart. Also, their dealer was a ‘friend’ who wasn’t giving them full value for their money—he was keeping part of the weed for his ‘trouble’—IOW ripping them off. [People like that one must ‘weed’ out] But they kept calling him... So, who knows? And yep, always buy quantity!
bttt
“I encountered the strangest thing at the local Walmart.”
No phrase in the English language is more pregnant with possibility.
>>“I encountered the strangest thing at the local Walmart.”
No phrase in the English language is more pregnant with possibility.<<
OMG you have me LOL!
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