No Payments (Interest) for 6 Months? Woops!

Just a heads up on how they are offering "free money for 6 months" that is not really completely free. Rosemarie and I took the "plunge" and bought a Sleep Number Bed (it is great!), and when the sales person offered no payments for six months, I said yes. After all, why not save a few dollars and take the pressure off cash flow. I have done this in the past quite successfully. The key is to pay it off by the deadline and you save all the interest cost.

Somehow in the joy of our purchase, I failed to note that they now require minimum payments of principal each month to obtain the waiver of the interest. Well, shame on me for not reading the fine print. I started receiving calls from them right after I had ignored the first $100 minimum payment. Apparently I am not the only one surprised by this as they quickly waived the late fee when I called to pay the bill. -JOHN

BOYDSTRATEGY.COM

If you would like John or Rosemarie Boyd to speak to your group or organization on financial planning or investment strategies contact Rosemarie at rboyd@boydstrategy.com or call her at 508-754-3226. The comments on this blog do not represent individual Investment, Tax or Legal Advice, and do not represent an offer to buy or sell any security. Consult the appropriate professional before acting on any idea seen here.