I have been good about avoiding consumer debt besides this purchase. I stopped buying books pretty much, stopped buying tracts (have too many). Yes I did have to take on debt after I owed the IRS more than a grand, but besides that I have been paying back my debts.
Bu the advantage of the Mac is that I can run Mac OS X and Windows side by side. Mac's come with Bootcamp and other more expensive options are available, but I usually use what is free.
But yes this was a WANT purchase and not a need such as car repairs, dental costs, or the IRS.
My own opinion.
Do not kid yourself.
You financed it.
"0%, same as cash" is simple marketing.
You are betting your ability to pay the balance off in the allotted time, while the issuer is betting that you will not.
If you already have the cash in hand and can use it to your benefit elsewhere (gaining interest, as an example) during the 0% period, it makes sense.
If you do not, it is a simple gamble.
Why don't you give me a link? I'd love to see one of these machines from the 1990's with 16 MB RAM. (Note: A PC with 16 MB RAM, not a hard drive with 16 MB capacity.)
I can't even make myself do that.
Been looking at a riding mower for some time - 0% for 24 months.
I could pay cash....but I'm unwilling to part with the money.
Financing at 0% is only good if I were willing to pay cash, which I'm not....but give me a few weeks of push mowing and I might. :smilewinkgrin:
Basically, 0% is used to get us to buy what we cannot (or are unwilling) to afford.
It is enticing, but it is still money owed and can quickly become a burden as someone else has a claim to our income or held money.
Correct indeed. Should I use it all? I could pay off most of the bill if I were to use it. I hesitate because this was not an emergency and maybe I should leave the money there for a car repair or dental bill.
Well, the choice should have been made before the purchase.
It was a whim purchase and as such, should have been put off until you had the money set aside for it.
I have taught my kids that when they really feel the need for something, get an account set up in ING/Capital One 360 and start putting money aside for it.
It's interesting just how much they "need" it after a couple of months of putting money aside for it or if there is another alternative.
He said it would cost $1272 and he was planning on paying it off in 90 days.
That's $424 a month.
If he has the money and will pay it off in 90 days, then I don't think it is a big deal (I don't know his finances, perhaps his financial situation has drastically improved from previous discussions).
But if he takes longer in paying then that is money that could be added to his monthly budget.
Also, too often when we finance we overspend.
If I end up gong 0% on a mower I know that I will pay it off in 6 months or less, but I also know that I will upgrade from what I would purchase if I paid cash.
It's just too depressing seeing my account take a hit at one time.
I've seen too many people get in trouble over 0%.
What if I had a real emergency? Are you saying I should just make min payment on the CC? I don't think so as I want to pay off the laptop debt ASAP.
My IRS debt I won't be able to pay off as easily so that debt I just make min payment, but the laptop debt is doable with my income.
This is one reason Dave Ramsey is wrong. He says no credit cards, no credit cards!!! But without one I would not been able to handle the IRS. Its unfortunate they had to bomb me, but I am glad their debt is on a Credit Card verses owing them money directly.