What do Irvin “MAGIC” Johnson, Montel Williams, and Arsenio Hall have in common?
They all lend their names to corporations to help them sell their products. They are vulture capitalist. Capitalist?
Now 3Chics ain’t trying to blast a brotha for getting paid, nor are we anti-capitalist. The thing is in order to be a capitalist, somebody has got to PAY. Unfortunately, those who end up paying are the weak, poor, and uneducated.
Last week 3Chics featured a thread on the mortgage foreclosure crisis. As Americans start waking up to the predatory lending practices of the banking industry, there’s still a need to continue addressing the other predatory lending practices in our communities, the Pay day loan centers. Don’t be fooled by these institutions. They’re literally another scheme set up by some banks to continue with their predatory lending practices.
Take a look and you decide. Are these brothers operating any differently than Wall Street, and our communities banks?
Read more here.
But Magic, what are you and Rent-a-Center really all about? Overpriced Household Products for Low-Income Families
Rent-a-Center encourages customers to “rent-to-own” a variety of household goods, targeting people who don’t have immediate cash to make these necessary purchases. Their services advertise that no credit is required to rent the goods, but by entering into an agreement, people often find themselves paying far more for a product than it’s worth. A television worth less than $400 can easily cost a customer $900 by the time it’s finally paid off. Source
Here, make sure you have one of these handy to read the fine print:
Who is really benefiting the most from these endorsements? Our communities or the stars and the corporations?
Our beef is that while they aren’t doing any thing illegal, these guys are selling their credibility and star power to predatory lenders. They are doing a great disservice to the very people who helped to elevate them to stardom in the first place.
Your thoughts, please. Thank you!