The Pitfalls Of 0% Offers

With the holiday season also comes a lot of opportunities to get 0% financing on a variety of high ticket items. While these can be great ways to save money if you were planning to purchase the item anyway, they come with pitfalls for many others. It’s important to remember it isn’t a deal no matter what the price if you really don’t need it.

One of the biggest problems that consumers have when using the 0% financing is that they opt to upgrade the item they’re purchasing – spending more on it than they had planned or budgeted for it. The other is that even though they have the best intentions to pay off the item before the 0% offer expires, they often don̵


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5 Responses to The Pitfalls Of 0% Offers

  1. Seattle says:

    I have successfully used 0% financing in the past, always closing the credit account when I have paid off the amount. These are great tips. Thanks for sharing!

  2. Neo says:

    When I finally started getting smart with my money, I wanted to get my two credits paid off. So I was able to get approved for one of these 0% offers. The key as you stated was making sure not to mess up otherwise all that work would be for nothing.

    Speaking of 0% offers, I have posted the next Poll of the Week “How many 0% balance transfers have you done?”. If you have played the 0% balance transfer game, please complete the poll located the following URL:


  3. ray mylar says:

    Your forgetting something! My FICO was 805. After 3 zero interest loans ( average $2,500 ), I was turned down for the best car ins. rate because I had too much “new” credit!! I have NO debts. No morgage. No car payments etc. These loans were all done within 12 mos.due to a chance in circumstances. I could have paid cash, but left the funds in Emigrant Direct @ 4%. Be careful!!

  4. ray mylar says:

    Addition to previous response. I did not ask for a Visa/MC from any of the zero % lenders, but received one from each!!

  5. Jonathan says:

    Good advice in general, never borrow to buy something you don’t need in the first place.

    Ray, after just $7,500 in loans? I have State Farm and they never blinked an eye, and I’ve had lots more than $7,500. I’d re-shop around for car insurance, I bet you could get a better deal.

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