Those interest free finance options...

BigglesPiP · 6 Jul 2008 at 01:44

...is it just me, or does there seem to be horrific levels of interest on them?

Dave77 · 6 Jul 2008 at 01:53

You mean those ones that have a 6month interest free period, if you dont clear the balance in the period then its 30% or something?

peetee · 6 Jul 2008 at 02:03

or the ones where you can only get it on items under £200 but have to pay £60 admin fee?

BigglesPiP · 6 Jul 2008 at 02:06

They all nail you somewhere.

Like switching debt between credit cards for the 0% periods.

0% on the transfer to the new card. But a lot to remove it from the old one.

Dave77 · 6 Jul 2008 at 02:10

Well... The transfer fees are normally around 3%, depending obviously on what your transferring you normally make the fee back in interest savings very quickly

BigglesPiP · 6 Jul 2008 at 03:09

Dave77 said:
Well... The transfer fees are normally around 3%, depending obviously on what your transferring you normally make the fee back in interest savings very quickly

Or you could keep a good credit rating and get a good bank loan.

[TR]SweetSpotOz · 6 Jul 2008 at 10:33

ste_bla · 6 Jul 2008 at 10:46

markyp23 said:
This is a lot of hassle for the sake of (presumably) not very much money.

3% = 2 months worth of interest so your getting 10 free?

Hedge · 6 Jul 2008 at 11:20

BigglesPiP said:
Or you could keep a good credit rating and get a good bank loan.

interest on a bank loan would be higher then the small balance transfer fee

Peter Diffey · 6 Jul 2008 at 11:48

Or instead just wait untill you can actually afford the purchase....

MikeTAD · 6 Jul 2008 at 12:08

I'm on one of the 12 month interest free options...I will definitely be paying it off before the 12 months is up...of course I had to pay a £40 'handling fee' or 'admin fee'...whatever...
So...they still get you...

BigglesPiP · 6 Jul 2008 at 16:37

Peter Diffey said:
Or instead just wait untill you can actually afford the purchase....

Self finance, the real 0% interest loan.

pitchfork · 6 Jul 2008 at 17:04

Peter Diffey said:
Or instead just wait untill you can actually afford the purchase....

Depends what you're buying.
Eg. If you need a new fridge because yours has gone bust And you don't have the cash, it's better to be in debtand have a fridge.
Thats good debt.

atpbx · 6 Jul 2008 at 17:16

Peter Diffey said:
Or instead just wait untill you can actually afford the purchase....

Did your mum teach you that?

Sone · 6 Jul 2008 at 17:17

pitchfork said:
Depends what you're buying.
Eg. If you need a new fridge because yours has gone bust And you don't have the cash, it's better to be in debtand have a fridge.
Thats good debt.

nope thats poor planning. Everyone should have a few months wages saved for a rainy day.

Peter Diffey · 6 Jul 2008 at 17:18

atpbx said:
Did your mum teach you that?

Common sense actually

Wayne~ · 6 Jul 2008 at 17:42

I dunno but I've worked in retail and people sign up for them and you can tell they dont need it/already in debt

Cupra · 6 Jul 2008 at 17:57

BigglesPiP said:
Or you could keep a good credit rating and get a good bank loan.

or save and not live beyond your means

atpbx · 6 Jul 2008 at 18:21

Peter Diffey said:
Common sense actually

Riiight ok.

atpbx · 6 Jul 2008 at 18:23

Sone said:
nope thats poor planning. Everyone should have a few months wages saved for a rainy day.

Everyone should, but everyone cant.

I'm in the situation where only one of us NEEDS to work to cover the bills and live, and ill still take things out on 12 months interest free.