AUSTIN, TX, Nov 09 (MARKET WIRE) --
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
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