Welcome to this week's Future Proof post on Physician's Money Digest (PMD). Everyone loves a good bargain. But there are surprisingly many people getting taken advantage everyday by horrible deals. Here are 5 Common Ripoffs Everyone Should Avoid. As usual, read the full post at PMD. An excerpt is provided below.
We've all heard of the idiom "pennies on the dollar" - used to describe getting something for much cheaper than it costs originally. Who doesn't love a great deal?! In fact, I regularly feature money saving bargains on the Future Proof DEALS page. But what about horrible deals? Let's talk about 5 ways to get "dollars on the penny."
1. Payday Loans - Possibly the most vilified industry in America, pretty much everything horrible that can be said about the payday loan has been said. I'm just going to let John Oliver of HBO's Last Week Tonight make my point here:
2. Rent-to-Own - Rent-to-own often sounds like a great deal - own that shiny washer/dryer combo for one low monthly payment and no credit check. But the contracts have tons of fine print and you may end up paying double or triple what it costs compared to if you had bought outright. For example, would you rather pay $24.99/week for 78 weeks at Rent-A-Center for a refrigerator or $579 one time at Lowe's? I'll let you do the math on that one.