What You Need to Know about “Interest Free” Deals
Posted by Billy Peshke on
Next to your home and car, home furnishings represent the most expensive product purchases homeowners make. A mid-quality living room set, with sofa and two side chairs, can cost thousands of dollars. That’s why most furniture retailers offer “interest free” and “pay much later” deals to soften the blow. These are basically financing options. Say, for example, you want to purchase furniture for the rec room. The cost is $7,200. The furniture retailer may offer you a deal where you “don’t pay a cent” for six months. As long as you pay the balance within that time, no interest is charged. That sounds like a sweet deal. And it is. But, personal finance experts will advise you to tread carefully. If you pay off the balance within the “no interest” timeframe,…
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