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Old 01-05-09, 09:57 PM
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Default I had no idea

We bought our new bed 18months same as cash (we're going to pay it off easily with our tax refund). I've bought stuff that way before, but always paid it off before the time so I had no idea but the lady told me....

If you owe say 2000 and you pay 1900 by the 18 months, you owe interest on THE WHOLE 2000, not just the 100 you have left to pay!!! I have no plans to keep it out there for that long but I was shocked to hear that! What a ripoff!
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Old 01-05-09, 10:06 PM
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Oh -- it's the reason they do it. The 25% (or whatever it is) that don't pay it in the allotted time make their profits for them. It's why furniture dealers can offer those deals at all -- they count on so many people not paying on time.

Pay it off!!! OH-- and enjoy it!!!
 
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Old 01-05-09, 10:15 PM
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It's more like 75% don't pay it off in time and owe the full amount of interest from the beginning of the term.
 


This is why Dave says, "90 days will never be the same as cash!"
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Old 01-05-09, 10:21 PM
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Oh yeah--- we will get more than enough to pay it off in full right away. It's kind of bittersweet because the reason I agreed to it was that I was feeling so crappy on our old matress and thought I had 9 more months of it, so I said "I'm all about getting that new matress right now." He knows me well enough to know that it's now or never, so we went straight there and got it delivered the next day.
But I still can't get over that interest!
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Old 01-05-09, 10:33 PM
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We use the 18 month no interest thing all the time... and we've NEVER ever paid interest. It's always been paid off in time
 
It is really helpful sometimes!! Our washer/dryer kicked the bucket a week before Chloe was born and we had no money!!
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