Originally Posted by
Brand00d
I didnt know this. I thought that say you spent 13 months instead of 12 months at 0% apr untill the 13 month hit and you finished then i thought youd olny say.. pay 24% or so Intrest on the remaining balance? is that not how it works?
For most retail stores or GE financing for the "0% interest", if you read the SMALL SMALL fine prints, you will see that if you miss a payment, are late on a payment, or don't pay off the full balance by the 6 (or 12 month) time period.... ALL THE INTEREST ACCRUES at a giant whopping rate of 24.99% (or whatever crazy high amount).
So if you don't pay it off in time, or you accidentally miss a payment, you're taking it up the behind with sand as lube. I take it you're a younger guy and is new to this financing stuff, but I am telling you that you can get screwed BIG TIME.