My wife and I purchased 2 iPads on credit a few years back. It took us a while to pay them off but finally we did. We were so happy to pay off a Citi Financial store card.
Then the new iPads came out and we wanted them! The old iPads worked just fine but we justified upgrading because the new iPads were lighter and we could get about $300 trade in refund for the old iPads.
Did we save to pay the rest? No, we again charged up the Citi Financial store card with a great "no interest" for 12 months deal. Well to pay it off in 12 months to avoid interest charges we thought we would only have to pay about $75 per month and this would have had little affect on our budget. After all the extras and warranty plans our payments would have to be about $150 per month and now that is really making things hard for us.
Getting the new toys and keeping up the the Jones has got to be one of the worst factors keeping our budget unbalanced.
Lesson:
Save up for all your toys to avoid the high interest and stress of owing money!
Have a great day!
Ian
Showing posts with label store credit. Show all posts
Showing posts with label store credit. Show all posts
Tuesday, November 25, 2014
Friday, August 10, 2012
Furniture Store Credit
I was approved for credit at the large well known furniture store here in Canada, it was awesome!
So I got a big screen 42" TV and a king sized bed! I was a bachelor at the time so both of these were important to have. The 16 months on interest no payment period went fast! I had always meant to pay it off before interest kicked in but it just didn't happen because I was working for the family business and not making any real money because the business was just paying my regular bills.
The heat was on to make my payments, and with 29.99% interest it felt like a never ending debit. It was self fueling building almost as fast as I made payments.
Even if I was one day late making a payment or they didn't register the payment I made a few days before the due date I would get a call. A few times I got behind and they called me every few days acting as if I didn't make payment arrangements with them. These calls always made me feel like dirt, like I was stealing from them or my need for food was not important. Never ever did I sense any sympathy towards me.
After moving in with my girlfriend who is now my wife, we had to deal with the same company because we didn't have any other way to get the furniture we needed. So again we went through this degrading process with this company. When we began to learn about debt reduction and budgeting we made a plan that paid off this store credit within 9 months!
Now we're using the same plan to pay down our credit cards...but this was delayed because we had to save some money to buy our new house!
So I got a big screen 42" TV and a king sized bed! I was a bachelor at the time so both of these were important to have. The 16 months on interest no payment period went fast! I had always meant to pay it off before interest kicked in but it just didn't happen because I was working for the family business and not making any real money because the business was just paying my regular bills.
The heat was on to make my payments, and with 29.99% interest it felt like a never ending debit. It was self fueling building almost as fast as I made payments.
Even if I was one day late making a payment or they didn't register the payment I made a few days before the due date I would get a call. A few times I got behind and they called me every few days acting as if I didn't make payment arrangements with them. These calls always made me feel like dirt, like I was stealing from them or my need for food was not important. Never ever did I sense any sympathy towards me.
After moving in with my girlfriend who is now my wife, we had to deal with the same company because we didn't have any other way to get the furniture we needed. So again we went through this degrading process with this company. When we began to learn about debt reduction and budgeting we made a plan that paid off this store credit within 9 months!
Now we're using the same plan to pay down our credit cards...but this was delayed because we had to save some money to buy our new house!
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