2 ms·
Don't forget about the most insidious aspect of these retail cards. Once that promotional no-interest period expires, your balance gets hit with all the accrued
by discardedrefuse 3y ago
Don't forget about the most insidious aspect of these retail cards. Once that promotional no-interest period expires, your balance gets hit with all the accrued interest from the promotional period.
So, anyone thinking of taking advantage of these promotions take heed: Pay off the entire balance before the promotion expires!
- jbaber 3y agoThis makes that debt really hard to measure. These debt bombs that retroactively make you have carried a balance for years in the past. Don't include them: you're missing all the people who transform into high debt carriers. Include them: you sweep in all the people who set an automatic payment to pay it off with a couple months to spare and forget about it.
- caseysoftware 3y agoTo further complicate things, the entire "Buy Now, Pay Later" industry does NOT report to credit agencies, etc until someone is late on payments (not sure how many days late). Therefore, there's an entire pile of debt that also is invisible to these metrics.