Gerri Detweiler of credit.com has an article about sleazy engagement ring financing.
[H]ere is what some of the major jewelry stores are currently advertising. With all of these plans, if you make one late payment or fail to pay the balance in full during the promotional period, interest will be charged from the date of purchase — not from the date the promotional period ends.
Jared: 0% interest if paid in full within 12 months; up to 24.99%.
Kay Jewelers: 0% interest if paid in full within 12 months; up to 24.99%.
Shane and Company: 0% interest if paid in full in 6 months; 27.99%
Zales: 0% interest if paid in full in 6 months; 23.73% to 28.99%
While interest-free financing may work out fine if you are able to pay off the balance, it is risky if you aren’t able to come up with the cash to pay it off.
One more potential trap: Applying for one of the accounts will create an inquiry on your credit reports. Plus, if you accept the financing, you’ll have a new account with a balance listed on your credit reports, and that could potentially have a negative effect on your credit scores.
The crazy world of engagement ring financing
(Image: Life in the old dog yet, a Creative Commons Attribution (2.0) image from aldenchadwick's photostream)
2001 Nobel laureate in economics Joseph Stiglitz has a long history of being on the right side of history. For example: pricing the Iraq war at $3T; raising the alarm about sovereign wealth funds acquiring US debt; nailing the double-standard on bailouts for debt crises (and the way that this destabilizes poor countries); sounding the […]
For more than four years, we’ve chronicled the sleazy story of Prenda Law, a copyright troll whose extortion racket included genuinely bizarre acts of identity theft, even weirder random homophobic dog-whistles, and uploading their own porn movies to entrap new victims, and, naturally, an FBI investigation into the firm’s partners’ illegal conduct.
Wells Fargo has been widely criticized for its predatory, deceptive practice of targeting black mortgage borrowers with subprime mortgages (whose teaser rates ballooned into unsustainable long-term rates after a few years), rather than offering those borrowers much cheaper and better mortgages that would not have led to widespread bankruptcy, foreclosure, and the destruction of hardworking […]
If you’re looking to earn a top salary in the tech industry, there’s no better career than coding. However, sometimes the hardest part of entering this career path is knowing where to begin.We took the Complete Web Developer Course because it took that decision out of our hands. This course teaches beginner-friendly coding languages that will also help land an immediate […]
To be a Pokémon master, you’ll need a phone that won’t constantly die on you. Because nothing is worse than seeing the screen go black right as you’ve finally found the Charizard of your dreams.That’s why we’re so excited about the LinearFlux PokeCharger Portable Battery ($39.99). With its 3.0 Amp HyperCharging technology, this slim battery will […]
The tech industry is constantly innovating, and in order to stay competitive, you’ll need to keep up. The Programming Into the Future Bundle was created to teach you the skills employers are looking for at this very moment, including in-demand coding languages like Google Go.The bundle of courses includes instruction on a range of innovative tools that advanced coders […]