December 4, 2009, Newsletter Issue #132: Pay Now, Pay Later or Pay Less for an Artificial Christmas Tree

Tip of the Week

When making a large purchase, it seems so much easier to sign on the dotted line for a no money down, no interest for one year payment plan. That way, you get the goods (in this case, a glorious new artificial Christmas tree) without having to actually pay for it – yet.

The problem with this scenario is that most people don’t tuck away some money every week, or even every month for that matter. When it’s time to make those payments, there’s usually a hefty interest rate that comes with it. You could spend the time reading the fine lines, wondering how you’re going to pay the principle and the interest on that $1,000 pre-lit artificial Christmas tree or you could do this:

1) Consider buying something a little less expensive, but equally nice. For under $300 you can buy a beautiful, easy-to-assemble, LED artificial tree that’s not only going to look great in your home, it’s going to save you money on your electric bill.

2) If you’re desperate for that really expensive tree, set up a budget and put aside some money until you have enough to purchase it outright.

3) Save enough money to put down half of the cost of the tree and make a commitment to pay the remaining balance on credit.

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