Purchasing Power® Underscores Credit Education Month with Alternative to Costly Credit Options

ATLANTA, March 15, 2018 /PRNewswire/ -- Cash will always be king, but the reality is that we often turn to credit cards to meet short-term goals. According to a recent Harris Poll on behalf of Purchasing Power¹, 41 percent of workers employed full-time or who have a spouse employed full-time report they don't have $2,000 in emergency savings for unexpected expenses. To kick off Credit Education Month, Purchasing Power^®, the leading employee purchase program offering consumer products and services as a payroll-deducted voluntary benefit at the workplace, wants consumers to know there is an alternative to going into credit card debt or using other costly options when shopping for household needs or responding to some of life's emergencies. 

Through an employee purchase program, consumer products and services are bought through automatic paycheck deductions over a six- to 12-month period. There is no credit check, zero interest and no hidden fees. The all-inclusive prices include the actual product, value-added features such as extended warranties and accessories, shipping and handling fees, as well as any applicable taxes.

"One of the greatest benefits for an employee using an employee purchase program is that it increases their buying power," says Richard Carrano, CEO of Purchasing Power. "That employee has a means to replace a broken refrigerator, fund college prep classes for their children or buy much-needed tires for the car. They might even buy the big-screen TV that they have been wanting for the family, because they can do so in a financially-responsible manner." 

It's important to be credit educated and to understand hidden costs and fees associated with high-risk credit options. Even with a shaky financial history, consumers can typically find a creditor willing to offer a line of credit, but it will likely come with a steep annual percentage rate that accrues each month. Furthermore, when making only the monthly minimum payments, the card holder ends up carrying that debt for years before it's fully paid down.

With an employee purchase program, there are no unwanted surprises for the customer; the price they see when they check out is the price they pay. Further, they know upfront how much will be deducted from each paycheck over the six or 12-month period. "The big box store down the street might offer a blue light special at a lower price, but typically, low advertised prices through a retailer may not have the same product configuration and accessories as Purchasing Power. Advertised retail prices also don't include shipping and handling fees or extended warranty costs, like ours does," Carrano pointed out. "Comparing all the features of an employee purchase program bundle like Purchasing Power's to a low advertised price, there's more added value with Purchasing Power," he concluded.

Using a payroll deduction program means the employee won't face the consequences of missed payments, compounding interest rates and fees, or worse – in the case of rent-to-own, payday loans or installment loans - the loss of merchandise.

About Purchasing Power, LLC
Purchasing Power, LLC, is one of the fastest-growing voluntary benefit companies in the industry, offering a leading employee purchase program for consumer products and services as well as providing financial tools and resources to improve employee financial wellness. Headquartered in Atlanta, Purchasing Power is available to millions of people through large companies including Fortune 500s, associations and government agencies. Purchasing Power is a Flexpoint Ford, LLC company. For more information, visit www.corp.PurchasingPower.com.

¹ This survey was conducted online within the United States by Harris Poll on behalf of Purchasing Power from December 27-29, 2017, among 2,163 U.S. adults ages 18 and older, of which 763 are employed full-time and 952 are employed full-time or have a spouse that is employed full-time.

Media Contact:
Joe Swaney, 404.609.5630
[email protected]

Juliann Kaiser, 770.643.0615
[email protected]

SOURCE Purchasing Power, LLC

Related Links

http://www.corp.PurchasingPower.com