SEPTEMBER 25 "DEFERRED INTEREST, NOT SUCH A GREAT IDEA"

When you think of scams, you think of criminals in hiding inventing ways to trick people out of their money. but what about the legal scams that are perpetrated against consumers by corporate America? Here is another corporate scam that is very deceptive and leaves many consumers buried in debt from unexpected interest charges. "No interest, no payments until 2016!!!" It sounds like you don't have to start making payments until 2016. it also sounds like interest will not begin to accrue until 2016, but that's not how the scam works. The consumer is expected to start making payments right away and the debt has to be paid in full before 2016 (this is hidden in the fine print). otherwise, the consumer is forced to pay a mountain of unexpected interest charges. Let's say that in 2014, you purchase a large screen tv for $1999. You finance it on a "no interest, no payments until 2015" plan. one of two things can happen:  
1) you expect to start paying for the tv in 2014. when 2015 arrives, you find out that you have to pay back interest from 2014 and 2015 (in addition to the interest and principal for 2015)

2) You start making payments in 2014. when 2016 arrives, you have paid $1800 on the tv. you should only owe $199, but that's not how the scam works. you will also be charged back interest on the full amount for 2014 and 2015. To make matters worse, the interest rate charged in these scams can be as high as 45%!! What you will find, is that in a little over a year, you will find yourself in more debt. the best decision you can make, is to make payments on both principal and interest, right from the get go. Deferred payments and deferred interest are simply setting you up for a financial debacle, a little over a year from now. In reading this article I’m thinking how true this is, that the decisions we are making today, are going to come home to roost a year from now.  A quick fix today, is often going to be a long fix, next year. I was reminded of Isaiah 32:9 when I read this… “in a little more than a year, you who feel secure, will tremble, the grape harvest will fail” like the person on the deferred interest plan, it will be “a little more than a year” that those decisions come home to roost. Often times, as we look at life’s struggles today, is it really that God’s not fair or not helping, or has the deferred interest payments, decisions come home to roost, a little more than a year later!

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