Financial Literacy for Young Adults
Rent-to-own, pawn shops, and check-cashing stores. In fact, pay attention the next time a new strip mall is built. Chances are high a check-cashing store will be the first tenant and they’ll probably do very well for themselves.
Don’t play the shell game with these vultures. They’ll gladly give you an advance on your next paycheck for a small fee but, when you add it up, that small fee equals a ridiculous interest rate that should send you running for the door. And this is not free money. You have to pay it back and you’re going to fall a little further behind every paycheck. Default on these people and you’ll think the hounds of hell are on your heels when they sic the collection agency on you.
Same with rent-to-own. Sure you can get a nice laptop computer for only $35 per week. You’ll even own it after a certain amount of time. Problem is, you end up spending a couple thousand dollars for a piece of equipment that you could walk into a legitimate store and buy for $500.
The gist of our little lecture is that it shows extremely poor financial judgment to involve yourself with these kinds of establishments. Need money? Want cool stuff? Get a job in the evening delivering pizza. It’s not glamorous but it’s better than the financial bondage you’ll find inside these cursed places.
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