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Monday, September 29, 2008

Rent To Own

Due to the current economic crisis, many Americans are having difficulty affording many of our day-to-day necessities as well as luxury goods. Today the stock market fell an additional 500 points on the news that an economic "bailout" bill was rejected in congress! This economic meltdown will likely influence Capitol Hill lawmakers and the average person to reexamine the rent to own industry. 
As of the moment, many people don't understand the industry and oftentimes question what is rent to own; what does it mean? The concept of rent to own is actually quite simple and the growing benefits in this economic uncertainty is overwhelming. Basically, a consumer finds a product that they wish to own and agree on a rent to own contract that explains the terms of the deal. The terms can vary, but the principle is quite simple. A common misconception is that rent to own is a credit transaction, simply put, it isn't. In fact, there are no interest charges and the consumer benefits by not being subjected to a credit check and can return the "rented" item at any point with no-hassle.
There are many consumer products offered via the rent to own industry. Whether you are looking for furniture, electronics, musical instruments, jewelry or whatever, you are likely to find it in one of nearly 8,500 stores across North America. 
There is no doubt that this current economic downturn will send consumers scrambling to find solutions in this credit-shortened environment. Consumers will be looking for better ways to purchase goods and services. It appears that the rent to own industry will benefit greatly due to their flexibility and hassle-free contract agreements.