Consumer Reports Provides Tips on How to Avoid Getting Burned By the Latest High-Tech Scams

Yonkers, NY – It’s easier than ever to get burned these days—in fact fraud and identity-theft complaints tracked by the Federal Trade Commission topped 1.2 million last year, up 19 percent from 2010 and a whopping 800 percent since 2000. And the fraud artists are using new channels and technology that didn’t exist 15 years ago including social media, pop-up ads on your computer, and text-message “smishing” scams.

According to Consumer Reports’ investigation, available on www.ConsumerReports.org on August 30th and in the October issue of Consumer Reports on newsstands September 4th, two other factors compound this problem. [Read more]

Rent-To-Own Services can have equivalent Interest Rates as High as 311 Percent

Unknowing consumers could pay as much as two to three times more than buying an item outright

Yonkers, NY – A Consumer Reports’ investigation found that consumers renting electronics and other appliances from Rent-A-Center and other rent-to-own merchants could pay interest rates of up to 311 percent.

Consumer Reports recently examined offers at several rent-to-own merchants and found that you can easily end up paying two to three times the amount it would cost to buy an item outright from a traditional retailer. CR found deals including a $600.00 computer that would cost nearly $1,900 after less than a year’s worth of payments and a $1,000 clothes washer/dryer combination costing $2,700 out of pocket after two and half years at an interest rate of 100 percent. [Read more]