Check cashing places and pay loan people charge quite a bit also, but people still keep going back to those places. No law will make up for people being foolish with their money.
One of my employers, over the years, got into rent to own. He loved it, even with the headaches. If the renter/buyer ever managed to pay off the item, he'd have paid either 2 or 4 (I forget which) times what it was worth.
One of my current customers is a low end used car dealer. If you're on my Book of Faces you'll have seen an occasional rant from my dealing with them. They kind of place where if you don't make weekly payments they repo the vehicle. In the main location there are more people in collections, than sales.
Yes, it sucks to be on the consumer side of this.