Belfast Telegraph

Credit firms 'should give high street prices also'

By Vicky Shaw

Companies in the "rent-to-own" credit sector should be compelled to display the average internet and high street price of the product they are providing, according to a leading charity.

Research by Barnardos has found that families taking out deals on household goods can end up paying out more than double prices offered on the high street.

The children's charity voiced "strong concerns" about the sector in the report titled A Vicious Cycle: The Heavy Burden Of Credit On Low Income Families.

Researchers looked at the cost of a Beko washing machine, finding the total amount payable spiralled to £1,250 when purchased from an unnamed rent-to-own firm, compared with £470 when bought from a high street seller.

The list price of the rent-to-own washing machine was more than £150 more expensive than the high street one.

Weekly Business Digest Newsletter

This week's business news headlines, directly to your inbox every Tuesday.