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This sort of thing should be regulated. There is a line between healthy capitalism and crass exploitation of the poor by the rich. The poor and unaware need to
by _nedR 11y ago
This sort of thing should be regulated. There is a line between healthy capitalism and crass exploitation of the poor by the rich. The poor and unaware need to be protected.
- bruceb 11y agoWhy does this need to be regulated? This isn't gouging on a need for medicine or food. Having is $1500 couch isn't a necessity. This business provides a good service. Decently nice furniture you can rent and return. It says how much the total cost is if you rent weekly until you own it.
- toomuchtodo 11y agoThey're essentially a payday lender for furniture. That's why they need to be regulated.
- bruceb 11y agoNot really. Pay day lenders lend money to people who are desperate as they need some money right now. These people are buying a $1500 sofa when there are used alternatives readily available.
- toomuchtodo 11y agoIf people don't need the furniture, then furniture rental stores should have no problem being regulated under the same usury laws that govern financial institutions, right?
- bane 11y agoAs I found out when I was poor, the $0 alternative is to just sit on the floor.
- _nedR 11y agoSo for corporate America, It's basically open season on the misinformed and undereducated poor? This sounds a lot like predatory lending - There is a good chance, the retailer is counting on these people to default so that they can sell the couch at 1000$ retail to the next gullible person who walks in. EDIT: I am not saying this should be illegal. Clearly, Buddy's is offering a useful service to people who are turned away by other establishments. But there needs to be some regulation. You shouldn't be able to charge $4500 for a 1500$ couch.
- baddox 11y agoYou seem to be implying that it's financially feasible to offer better financing options to poor people. Is that the case, given the obvious risks?
- _nedR 11y agoI don't know. That's why we need to shine more light on this industry. Who knows? This might be a viable target for something cooperative scheme like microfinance (which has the advantage of low interest rates, high recovery rates, mutual benefit and general social upliftment).