Originally Posted by Jimi D
You could be dead in a year's time
That statement is:
A: A horrible thing to say and
2: for his next of kin to worry about
To tell you the truth, these no payments/no interest sales are like throwing a lit match on G.A.S.
Just to make sure everyone understands how these things work...You buy a guitar for $1000 in November 2002. October '03 rolls around, you realize you haven't paid jack on it. Fortunately, you have $800 in the bank, you send it off, thinking - "hey, the interest on $200 for a month won't be all that bad." Wrong.
The following month you get your statement and you find that they've charged you compound interest on $1000 for 11 months and interest on the new amount+$200 on the remaining balance.
It's not that they're not
charging you interest. It's that they're waiving it if you pay within 12 months (or whatever the promo is). These are not generous people. These are people who see a goldmine in the irresponsibility of others - especially broke musicians, who seem to think they neeed
a particular peice of gear NOW.
It's a dangerous game to play if your financial situation is tenuous.
If you feel you want to take advantage of these 'Pay as you Play' promotions, the best thing to do is to divide the total amount of your purchase(s) by 10 and make sure it's a number you're comfortable sending off to the CC every month - then, the hard part - following thru with actually sending those payments. By "comfortable", i mean if your car dies and you can't live without it, you won't have to skip a month's CC payment so you can afford to get it fixed.
If you find yourself saying "well, I'm broke now, but I'll get some money from Grandma Sadie on Xmas and I'll get a job next month, then you'd be best off passing on this deal.