[rdmcfee]

I think this is a complex issue. I suspect that like with cars, many of these folks would have the option to buy a used item which is equally as functional for something like 20% of the price of a new item. Again, like cars, household items depreciate extremely rapidly.

There's clearly some blame to go around. Better public education on financial decision making would help. The companies providing this type of financing could alter their business model or screening processes.

Also, it seems that many lower income individuals strive to own new items because it portrays financial success even if it results in the opposite.