If you can buy something on credit and then afford the monthly payments to pay that off, then you can do that in reverse which is save that money to one side every month until you have some savings, it's mathematically the same thing, but doing it the 2nd way avoids any interest so it's cheaper in the long run. All for the sake of a waiting a bit.
Except you often do not just "wait a bit": someone might be unable to afford £700 on the spot, but can afford buying on finance for £20 a month for 35+ months; if he decided, instead of buying on credit, to save £20 a month until he or she has £700, it would:
1- take them close to 2 (two) years to accumulate the money for the purchase
2- be always at risk that if he has an unexpected expense of (say) £100 or £200 to fix a boiler, the car, an unexpected family emergency that requires them to take a ******* expensive train ticket to Liverpool, would extend the time to get to the amount needed to purchase by 5-6 months or more.
The same unexpected expense has less of an impact when what you pay back monthly is £20, instead, because the item you wanted to purchase is already in your hands and it doesn't push back the date you'll be able to reach your target.
You pay more in the long run when you buy on credit, sure, but for some people it's the only way to realistically be able to possess something that can make you feel
better and help you not give in to depression (here, hey. That was me. F'ing depressed as **** if it wasn't for videogames and ****)
.
There's nothing more expensive than not having money, but unfortunately credit sometimes is the only way to make an unaffordable expense affordable.