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The Trap of 0% Financing Deals

How often have you made a purchase and were offered a way to pay for it over a period of time? Did the retailer offer you a plan where you can repay the amount within 12 months with 0% interest? This is a credit card offer. Over the last few years, there has been an increase in 0% financing from retailers. Before you fall for the trap, it is better to gain information and learn about the finer details of these types of offers. Here is everything you need to know about 0% financing from retailers.

Interest postponed is not interest denied
When a retailer offers you 0% financing, it can often be misleading. Before you are tempted to accept the offer, you need to consider the terms involved. For example, if a card has a promotional offer in which your interest will be waived for a specific period of time, to make the most of the waiver, you will be required to pay the entire loan amount within that specific period. However, If, for certain reasons, you are unable to make the payment, you will be charged interest. On your outstanding balance, you will have to pay accumulated interest.

It could disrupt your credit score
If you end up taking the offer, you will be opening up another credit card that will show up on your credit report. A large number of credit cards does not look good on the report. It can ruin your credit score because the issuer will report the account to credit bureaus.

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Consider your options
When you apply for a card, you may be expected to pay off the amount before the promotional period expires. However, owing to certain circumstances, if you cannot make the payments, you could be in trouble. You need to weigh your options and see where you stand today. Look for alternatives that will make it easier for you to pay off the balance even if you miss your payment in a month.

Complications due to two balances
You will be carrying forward two balances: one for the purchases where you have a 0% financing agreement and the other will be for the expenses you incur in the form of purchase. You have a specific period of time to repay the balance on your deferred interest account. Moreover, you need to ensure that your payments are not going in any other direction except here.

Regardless of how tempting the 0% financing offer may seem, it helps to understand the finer details. To make the most of the credit card, you need to set up your own pay off plan and ensure that the amount is paid within the promotional period. If you fail to pay off the amount within the due time, the card will cost you more and ruin your credit score. Consider all alternatives before deciding to go for such an offer.

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