No payment, no interest
October 10, 2008
No payment and no interest, whether for 90 days, six months, a year or even a couple of years. It all sounds good at the time. Unless you have a plan, it could put you in great danger.
I think you must have an idea as to when you intend to pay that credit card off (within the time period given with no interest). If you let the time given go by, you could be stuck with unbelievable high interest rates. If that is the case, the credit balance would probably never get paid in full. If it does, it will take a very long time because of the accruing interest rate.
If one does not have a plan when making such a purchase, it may not be in their best interest to purchase under a no payment, no interest plan.
If one is able to pay the balance off with in the time frame given, it’s a very good offer to take on. One is able to get what they want on credit and because it has to be paid off within a given time frame to avoid interest, they will not be faced with getting into debt over their heads!
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