The wife wants new furniture! she wants to open a credit account with Rooms To Go, we swore to each other we would never do this, but we can't seem to save and wait. We want it now, we are looking to spend $2200 on new bedroom furniture. Furniture on credit is never a good idea but I feel like I can handle the debt and pay it off quickly!
I've decided to check with my blog before making any big purchases. Should I finance furniture, same as cash, no interest and no payments for 36 months? I know I can pay this off in 2-3 months. We have money in savings and could use that to pay it off if anything unexpected comes up.
HELP!
HS
Menu Monday
2 hours ago
19 comments:
NO
If you can pay off the card in 2 or 3 months why can't you save for 2 or 3 months and then buy it?
I would echo the no. Far too many folk get caught and can't make the full payment when it is due and that retro interest is killer. Something will always come up and eat away at your future money.
Don't do it! This is what has started the spiral for me. If you really want it, try to save for it.
I've been following your blog for a few weeks and find it interesting. It is blatantly apparent that you are not at a stage in life where you can commit to a plan of debt reduction. Despite claiming that you want to get out of debt, you continue to either spend or even entertain the idea of borrowing to spend on consumer items on a very regular basis. I will continue to follow your blog with the hope that at some point you decide to commit to your own claim of actually reducing your debt instead of adding to it. That's a, "NO," in case you were wondering. 'Best of luck to the both of you!
Borrow on credit is like stealing from your future. Plus we have no guarantees in life. If you save the $2200, but lose your job or have an accident you can use that cash for something else. If you finance the $2200 but have a serious emergency, you still owe $2200. Furniture is not worth stress. And it is not a need. Save the cash, but also carefully look at used sets of furniture as well as a new set.
Also pray about it, whenever I need anything God provides. He even cares when I need or want something simple. Sometimes He provides things for me free or used from a friend or somewhere.
NO
NI have been reading yout blog for a while. A big fat NO!!!!! I say wait and save. Don't be like a child and say I need it now. Are you really committed to getting out of debt? There are many things I want a new TV, tinted windows ect... but it must wait.
I just skimmed your blog. You seem to have splurged a lot in recent months - iphone, trip to cancun - can't you wait a bit before your next splurge? If you can really afford it, save for it. You can get a lot of good deals on furniture these days.
I feel for you but I have to say a resounding NO as well. Do you notice a trend happening in your lives lately, trips on cards, iPhone not paid for etc. Hello, it is time to wake up! We saved for a kitchen just this past year and are saving for our holidays ahead of time. The kids are not always on board but are starting to figure it out. You don't have kids so you really need to get a handle now while it's only your own impulses you are fighting.
No. Resist. You'll feel better about it. If you think you can pay it off quickly, you can save for it quickly. Then buy it. Then you will sleep better. Period.
In anticipation about your decision......
Personally, I wouldn't do it. I'd rather wait, and save up. I mean, the furniture is not a do or die situation. You can wait, right? :)
It is painful to watch the two of you - or maybe the one of you who records the spending.
Never buy furniture on credit.
Reduce your dining out spending. Put half of what you save towards paying off your credit card(s).
Go to a matinee instead of the evening movie.
We have decided to delay the furniture, it is probably not a good purchase at this time!
THANKS EVERYONE! YOU SAVED US CLOSE TO 3K!
HS
Advice is what you ask for when you already know the answer, but wish you didn't. Kudos for delaying the purchase, learn to save up for it first. It's tough for reformed debtors (I know) but it's a necessary change. I really needed a laptop but I struggled along with my old failing computer until I had enough saved before hand. It's time to change the must have it now mindset.
I agree with the above - comments in that if you have the cash, use the cash. It's dangerous when you find yourself using the words "we want it now". I know that I - as well as many others - found themselves slipping fast into heavy debt after thinking we could quickly pay it off. The thing is that life happens, things pop up and you justify putting payments off and worse purchasing more on credit. If you haven't already done it - don't use credit.
Best of luck -
KC at www.climbingfromdebt.com
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