It can take 19 years to pay for our appliances
By Lena Kovadlo
@lovebuglena (52201)
Staten Island, New York
August 11, 2023 10:38am CST
We bought new kitchen appliances recently. Hubby opened a store card to pay for them as they offered 0% interest for 12 months.
The total for the appliances came out to about $5686. Since the credit limit he was approved for was below the total the card has slightly less than $5000 on it. The rest we will pay a different way.
We just received our first bill and it says that if we only pay the minimum payment (it says $175) each month it will take us approximately 19 years to pay it off. And we will end up paying an estimate of $16,727. 
That is crazy. Who'd want to do that?
Our goal, of course, is to pay off the balance in full by the time the twelve months are up. We will have to calculate the minimum monthly payment based on that. It will probably be somewhere in the $400=$500 range.
That is crazy. Who'd want to do that?
Our goal, of course, is to pay off the balance in full by the time the twelve months are up. We will have to calculate the minimum monthly payment based on that. It will probably be somewhere in the $400=$500 range.12 people like this
12 responses
@marguicha (230349)
• Chile
11 Aug 23
I have seen that here too so I buy one thing at a time, something that I can pay for at the end of the month. I only have a credit card to use instead of cash or elsewhere where they have dollars or euros or whatever. And, just in case I have something terrible, like a big illness, I want to have it to have a sort of way to pay for my health.
2 people like this
@lovebuglena (52201)
• Staten Island, New York
11 Aug 23
Unless it is an emergency, I think a person should not charge a big amount on a credit card if they can't pay it all when the bill comes. Unless there is a 0% interest promotion.
1 person likes this
@lovebuglena (52201)
• Staten Island, New York
11 Aug 23
They sure do. If one has savings, better to borrow from oneself to pay balance in full right away, and then pay oneself back.
3 people like this
@ptrikha_2 (49773)
• India
13 Aug 23
EMIs offer a way to buy things slightly above our expenditure limits at a time.
However doing this
A)Incurs interest rate in one way or another and puts a dent in our longer term savings.
B)Limits our expenditure plans in one or the other ways.
Yet at times, we have to go for the EMI option.
1 person likes this
@ptrikha_2 (49773)
• India
15 Aug 23
@lovebuglena
Yes often that could be a case !
1 person likes this
@lovebuglena (52201)
• Staten Island, New York
13 Aug 23
It’s different when you have no choice.
1 person likes this
@Marilynda1225 (91126)
• United States
11 Aug 23
You would probably need new appliances again before you paid off the new ones if you only pay the minimum on the card
Hope you can get it all paid off within the 12 months
Hope you can get it all paid off within the 12 months1 person likes this
@lovebuglena (52201)
• Staten Island, New York
11 Aug 23
My thing is this: if you can't pay for it don't buy it. Unless it's an emergency. I use my credit card to get cash back and because I don't usually carry much money in my wallet. If I can't afford it, I don't buy it.
1 person likes this
@lovebuglena (52201)
• Staten Island, New York
11 Aug 23
Honestly, I'd just take money from our savings and pay it off but not sure if hubby will want to do that.
1 person likes this
@lovebuglena (52201)
• Staten Island, New York
11 Aug 23
I just noticed that it seems like we bought a counter-depth fridge instead of a standard one. I was not planning on buying that and did not know that what we looked at in the store and said we want was counter-depth. Those are more expensive I think. And they have less room inside than a standard fridge.
@moffittjc (128837)
• Gainesville, Florida
12 Aug 23
Sadly, that is how many Americans live their lives. They buy stuff with money they don’t have, with credit they can’t afford, and then complain how they can never get ahead.
1 person likes this
@moffittjc (128837)
• Gainesville, Florida
14 Aug 23
@lovebuglena Yep, broke as f*ck living that American dream! Lol
1 person likes this
@lovebuglena (52201)
• Staten Island, New York
14 Aug 23
@moffittjc and they are loving it probably. 
1 person likes this
@lovebuglena (52201)
• Staten Island, New York
13 Aug 23
And they are probably drowning in debt their entire lives.
1 person likes this
@florelway (23339)
• Cagayan De Oro, Philippines
12 Aug 23
It's a scheme for banks and credit companies to stay in business. One is being tied up to loan for a long period of time although we always have an option to pay more than the minimum required amount.
1 person likes this
@lovebuglena (52201)
• Staten Island, New York
12 Aug 23
So true. And I bet some people don’t pay attention to how long it will take to pay off the amount just doing minimum payments. Or how much it will actually cost.
@RebeccasFarm (91297)
• United States
11 Aug 23
Yeah it is horrifying looking at the lazy way of paying oh my gosh that is crazy.
@RebeccasFarm (91297)
• United States
15 Aug 23
@lovebuglena Right not lazy you are right..some people cant afford to charge stuff but they still do
1 person likes this
@lovebuglena (52201)
• Staten Island, New York
12 Aug 23
I wouldn’t say lazy. Some people can’t afford to pay more than minimum payment. But why buy then? Unless no choice.
1 person likes this
@lovebuglena (52201)
• Staten Island, New York
12 Aug 23
Yep. That’s the smartest thing to do, if possible.
1 person likes this
@lovebuglena (52201)
• Staten Island, New York
11 Aug 23
That amount is about 3x as much as what the appliances actually cost us.
1 person likes this
@LindaOHio (222624)
• United States
12 Aug 23
There are many people that only pay the minimum amount each month. I could never do that! Enjoy your day.
@lovebuglena (52201)
• Staten Island, New York
12 Aug 23
That’s the dumbest thing to do. If you can’t afford to buy things don’t.
1 person likes this
@lovebuglena (52201)
• Staten Island, New York
13 Aug 23
@LindaOHio and probably debt they will never get out of.
1 person likes this
@LindaOHio (222624)
• United States
13 Aug 23
@lovebuglena Exactly. People want stuff NOW. That only leads to debt.
1 person likes this
@lovebuglena (52201)
• Staten Island, New York
11 Aug 23
That is our goal. I do not want to pay any interest.
1 person likes this
@KarenAnne (257)
• United Kingdom
11 Aug 23
Credit card companies love "Deadbeats" which to them is people paying the minimum amounts each month. This way you won't pay it off and they earn the maximum amount. Interest rates can be crazy 20-30% which kick in the second you go over the 12 months.
Make sure you pay enough to bring it down, don't get caught out!
1 person likes this
@lovebuglena (52201)
• Staten Island, New York
11 Aug 23
After twelve months, interest will be 29.99%.
1 person likes this
