Don’t Waste Your Money: Rent at your own caution

(WHTM) — With those holiday shopping bills now coming in, what can you do if you need a new refrigerator or washing machine this spring? The easy solution may be renting, but that comes with a big downside.

Nicole Broomfield needed a new washer and dryer a couple of years ago, so she decided to go the rent-to-own route and bring home a new Kenmore set.

Thanks for signing up!

Watch for us in your inbox.

Subscribe Now

Nittany Insiders

“It should have been $1,792 and some change,” Broomfield said.

That’s what she thought she would be paying for her one-year rental. Until the company sent her a letter at the end of the year, and she learned she had to be charged more.

“A little over $6,000, close to $7,000,” Broomfield said.

She ended up paying $4,000 extra!

But the money-saving site “Nerd Wallet” recently said this is common, especially with things like bug screen TVs and sound bards, something most everyone wants these days.

Thanks for signing up!

Watch for us in your inbox.

Subscribe Now

WHTM Severe Weather Alerts

Nerd Wallet prices a Vizio soundbar selling for around $148 at places like Amazon and Best Buy. But Nerd Wallet said it will cost you close to $470 at some rent-to-own stores.

Another case is with a Samsung 4K TV. Nearly $1,300 retail but $2,400, through rent-to-own stores.

Nerd Wallet found there may be cheaper options you may want to consider than renting to own.

That includes the following:

  • Buy now, pay later.

  • Subprime credit cards for people with poor credit.

  • Bad-credit personal loans.

Those will build up your credit score.

Nicole insists she was only told about the reasonable weekly payments, she never read the fine print. Next time, she will look at other options rather than renting long-term.

Don’t Waste Your Money: Fake Airpods

Buy now, pay later plans with no interest are the hottest trend for 2024. The only problem is that most require a soft credit check, so not everyone will qualify.

But they can be a better option than renting, so you don’t waste your money.

For the latest news, weather, sports, and streaming video, head to ABC27.