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Forum
-> Household Management
-> Finances
amother
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 Tue, Jul 28 2009, 3:05 pm
Hi,
I am making a large purchase and the store offers 0% financing for 6 months.
Is there any reason not to take advantage of this?
Will it in any way negatively affect my credit score if I take out such a loan?
Please note, it's not like I don't have the money now to pay for it, but it's a few thousand dollars and would mean taking it out of a money market account earning @ 3%. I'd rather keep it there and pay off the amount over 6 months 0 interest which I will be able to do with the current balance in my checking from our paychecks.
Thanks.
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sky
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Tue, Jul 28 2009, 7:19 pm
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The only issue I can think of off hand is that if you are late at any point during the 6 months I think they can go back and retro-actively charge you interest for the whole time. So read the fine print carefully and always pay on time and I think it should be okay.
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nech770
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Tue, Jul 28 2009, 7:41 pm
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see what kind of other charges that are hidden - like admin fees or setup costs etc... they sometimes catch you with those....
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alpidarkomama
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Wed, Jul 29 2009, 2:44 am
I just stay away from any of those credit "deals." It's not worth the trouble to me, or the risk that OOPS something happens and you're not able to pay and then they back-charge the interest. Cash is good. Cash is good. Cash is good. 
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