Originally Posted by
merlinextraligh
Last, your assumption that you will lose only a little money is incorrect. The interest typically goes back to day 1, at rates around 24% so if your still paying for it 13 months later, you easily end up paying 150% of the bike original purchase price before you pay it off, depending on how long you take.
I think your math's a bit off here: Purchasing a $3k bike at 24% interest paid off over 12 months only pays a total of $404 in interest - or 113% of the total purchase price. A more realistic cc rate of 9% would only pay $148 extra over 12 months.
EDIT: Never mind, i saw that you qualified that number with:
depending on how long you take 