As Credit Cards Punish Consumers, Consumers Look to Rent to Own
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Mon, 09 Nov 2009 13:37:12 GMT |
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Association of Progressive Rental Organizations |
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AUSTIN, TX -- 11/09/09 --
The no debt, credit free rent to own transaction continues
to be a viable consumer option as credit tightens and customers
choose other methods to purchase products and services. According
to finance expert Carmen Wong Ulrich, credit card companies are
adding fees and raising interest rates. These aggressive hike in
fees and interest rates are a result of Congress applying new
regulations on credit cards effective February 2010. The
congressional regulations were voted into law as a consequence of
the credit card industry fostering the economic collapse in fall
2008.
The U.S. Congress approved a $700 billion bailout in October
2008. Since then, the rent to own industry has shown its
positive impact on the nation's economy and consumers. A
Marketwire syndicated news outlet reported that the "$700 billion
bailout was $7 billion lighter because of rent to own." According to Wong
Ulrich, credit card default rates have doubled recently and debit
card usage has increased credit card usage for the first time. As
a reaction, the credit card industry has targeted their customers
to pay for the loss.
Their recent tactics include a fee of up to $199.00 for paying
off a credit card, applying a fee for an inactive card and
raising interest rates. Congress continues to respond to these
tactics. Senator Christopher Dodd recently introduced legislation
to freeze interest rates and fees as a result. The rent to own
industry continues to attract new customers to its no debt,
credit free transaction in these uncertain times when credit is
too costly or risky.
The Association of Progressive Rental Organizations (APRO) has
spent more than 25 years helping improve the rent to own industry
to become one of the most vibrant consumer industries in America.
For more information on rent to own, visit www.rtohq.org.
Media Contact:
Richard May
800.204.2776, ext. 104
Email Contact
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