GREENSBORO, NC -- Check out this consumer alert. The NC state attorney general is hoping $6 million is enough to get your attention. Just this week the Consumer Financial Protection Bureau and 13 state attorneys general settled with a finance company for $6 million. The issue - the company was targeting military members, luring them to buy electronics with no down payment and then not clearly disclosing interest rates and fees.
While the military members and their credit are being taken care of - there is a lesson here for all of us here. 2 Wants to Know talked with the Attorney General. This is his warning. "In this situation, people were buying electronics that were sometimes 2 or 3 times the value. There are a lot of vendors out there that will sell you products more cheaply and do not be fooled by the fast talker. Take time and shop. And make sure you know what your finance terms are."
Whether it's electronics, a new driveway or tree cutting, if the deal is good today - it will be good tomorrow. Pressure tactics are always a red flag.