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Magic Johnson ought to be ashamed of himself. 


                                               


I recently saw him featured on a commercial as a spokesperson for Rent-a-Center. The idea behind Rent-a-Center and other rent-to-own places is that you rent things you can't afford to buy.  Eventually, after a few months of weekly payments, it is all yours.  But since the actual agreement is a rental agreement, they don't have to disclose the amount of interest charged. And by the time you're done, you've paid double or triple the actual price (or more).  

Rent-a-Centers thrive in poorer communities and help keep them poor.  Want further proof? Check out RAC Financial Services, their affiliated financing company.

Choose your favorite state.  

Notice the APRs on their cash advance loans are 400% or more. 

While the public needs to be educated to not get ripped off like this, Magic Johnson becomes scum by association in my book.  What really bothers me about seeing Magic Johnson's face attached to such a scam is the hypocrisy coming from a man who has several business ventures aimed at developing urban communities.  Part of the mission of Magic Johnson Theatres, for example, is to encourage local economic growth and job development. Magic has a right to earn money, but it's pathetic that he's profiting off the very communities he claims to care about helping.  If you watch his commerical or go to Rent-a-Center's homepage, you'll see Magic asking, "Want the Good Stuff Your Family Deserves?"

I'm sure he rents a lot of good stuff from Rent-a-Center for his deserving family.


                                  BET

Let's hope Magic sees the light and realizes that a quick buck is not worth turning his back on the very people he's trying to help.