youthmoney

“Loan fat cats prey on the desperate poor to fund mansion lifestyle,” said yesterday’s News of the World. Under a headline “You vultures!”, it laid charges of cashing in on Britain’s poorest against  high-street store BrightHouse and its rent-to-buy schemes for household goods.

The paper reports that the company is “raking in record profits of £20million a year and set to open a string of new stores in Britain’s most deprived areas”. Alongside a photograph of a country mansion said to be owned by boss Julian Marsh, it gives examples of the inflated prices charged for its goods:

If, for example, a hard-pressed single mum wanted to treat her kids to a Playstation 3 she could get one for £299.99 from Amazon or Game – if she had the cash to pay up front.

By going to BrightHouse the same item would cost an eye-watering £701.48 in weekly payments of £13.49, including an Optional Service Charge which applies if products are faulty.

Such figures are worth talking about with young people. There’s a lively set of comments from readers too, some regretting contact with BrightHouse from personal experience. Others, apparently from past and current staff, explain and support the company’s policies.