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12-04-2016, 11:21 AM #1
Trouble with zero APR cards
A couple of weeks ago I picked up a new credit card, intending to take advantage of the zero APR offer to get my boyfriend a nice gift this Christmas. I was planning on using my tax refund to pay of the balance before I ever started being charged interest.
Now our plan was for us to combine our refunds this year to help pay for a trip out West this summer. But I thought a little cheating wouldn't hurt. And he has been working hard and not spending on anything for himself all year.
Yesterday when I got the mail, I saw my boyfriend also had a new card statement enclosed.
I thought this might be a good time to "confess", and ask my BF if he had done the same. Turns out he did. And he spend even more than me.
There goes out trip out West. Which is what we both really want. Not really nice presents. So we're both planning on looking into return the items later today. And hopefully that trip will be back on.
But thought I'd warn everyone out there of the dangers of these things, especially when coupled with surprises or secrets.
12-05-2016, 07:38 AM #2
The underlying sentiment is sweet. But you did learn some important lessons. I think you two will do quite well.
12-06-2016, 07:07 AM #3
Just remember the real dangers go Zero APR offers: getting sucked in, spending more than you can repay, and suddenly have the balance incur an interest charge related back to the days the purchase were made.
That hurts. And makes it even harder to get out of the debt trap.
12-07-2016, 12:15 PM #4
Great warning about the dangers of easy credit. Thanks for sharing.
Glad to see you are well on your way to the responsible use of credit. And the knowledge of how to enjoy the importance of experience, not things.
12-08-2016, 07:15 AM #5
Thanks everyone for the kind words.
We were able to return our pricey purchases. And there now is no chance we will be incurring any interest charges. Which means I can once again look forward to hiking and whitewater rafting this summer.
12-10-2016, 02:54 PM #6
I think a lot of people I know with good credit found zero percent APR offers to be a gateway drug to getting over-extended. Then just one thing goes wrong, and all your finances blow up. Glad to hear the original poster managed to avoid this trap.
01-13-2017, 01:34 PM #7
Consumer credit card debt increase by a whopping $1 Billion in November. I'm sure that zero percent APR intro offers have nothing to do it.
01-17-2017, 08:58 AM #8
Is it more than a normal increase cyclical increase related in the increased consumer confidence about the economy?
Or is it because people are running out of money and are going into credit card debt to maintain their lifestyles?
Or possibly some combination of the above?
01-17-2017, 11:13 AM #9
Well, Matt, in the big picture, the additional debt did not result in huge retail sales figures in November or August.
Taking that data point, it seems to me that the extra debt was to pay for basic necessities. So probably not related to increased gift giving or confidence. But cold hard reality that wages are not keeping up with costs of living.
01-18-2017, 03:47 PM #10
I'd say the wage and hours worked data backs up Toman. Unfortunately.