The Federal Trade Commission announced that it has won a settlement from a company called Blue Hippo that financed consumer electronics like computers and televisions for people with bad credit. This is similar to the rent-to-own world, but even worse.According to the federal agency, Blue Hippo did not deliver goods to some consumers and violated multiple federal laws, including those covering Truth in Lending and the Mail Order Rule.
Court filings show unbelievable sales pitches such as "Do you want to own a computer, but have less than perfect credit? No problem. If you have a checking account, a home phone and can afford a weekly payment of just $35 for only 12 months, BlueHippo Funding says you're approved, guaranteed."
If you are reading this and considering such an offer, stop now. The axiom of "too good to be true" is accurate. If you can't afford it, don't put yourself in debt exceeding your means for instant gratification. You'll just make others wealthier.
Meanwhile, look for our upcoming article on the Mail Order Rule that discusses its growing importance in the age of Internet shopping.
Labels: Blue Hippo, financial, FTC, rent-to-own
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