Result

WISPIRG Blocks Predatory Rent-To-Own Bill

In May 2013, WISPIRG helped defeat a provision that would have given special treatment to the predatory rent-to-own industry, which charges astronomical annual interest rates to rent used or older model products. WISPIRG joined with State Sen. Glenn Grothman, the Wisconsin Catholic Conference, and numerous faith and civic leaders to oppose a special interest exemption that would have eliminated the requirement that rent-to-own businesses disclose an APR.

“State leaders shouldn’t be giving special treatment to a predatory industry that locks consumers in a cycle of high-cost, perpetual debt,” said WISPIRG Director Bruce Speight.

In May, WISPIRG released a new report that found that five rent-to-own stores in Rockford, Ill., charged an average annual percentage rate of 221 percent and displayed outright
case purchase prices that were two to seven times the cost of similar products at other major retailers.
 

Defend the CFPB

Tell your senators to oppose the “Financial CHOICE Act,” which would gut Wall Street reforms and destroy the Consumer Financial Protection Bureau as we know it.

Support Us

Your donation supports WISPIRG's work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.
Optional Member Code