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Buying Furniture with «Buy Now, Pay Later» is Never a Good Deal

Buying Furniture with «Buy Now, Pay Later» is Never a Good Deal

When you see advertisements for buying furniture with a «buy now, pay later» plan, it’s best to pass them up. The temptation to buy now, pay later can create problems further down the line. You may find out that you still cannot afford the payment, or end up paying tremendously more.

For example, a store is holding a sale on furniture that is 36% off if you pay up front, or pay full price when you pay 36 months later. Do the math, and also some realistic thinking. Would you still want to pay full price on furniture that is maybe past its prime now that 36 months have passed?

Some reasons you may want to steer clear of buy now, pay later:

Retailers pay for this, therefore very often the furniture prices will be higher, with the retailers passing on the extra expense to consumers.

Very often, if you can’t afford it today, you may still not be able to afford it some time later. That results in missed payments. With missed payments your interest rate goes up.

Also treat offers for «no interest, no payments» very carefully, as laws have changed. Now the customer has to make monthly payments on the principal, even if payment on the interest is deferred.

If you still want to go ahead with it, make sure you read all the fine print carefully so you know what you are signing up for. Make sure it is what you need before you commit. It’s your money after all.

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