CHARLOTTE, N.C. — When you need something but don't have the money to buy it outright, financing your purchase might seem like a good idea, but retail experts say there are a few items you should never finance.
Here are three items experts say you should never finance:
1. Appliances
A store's no-interest credit card offer comes with a hard credit check, which can drop your credit score a few points. This might not be a big deal if you aren't looking to make any big purchases in the immediate future, but even a few points can be an issue if your credit isn't solid.
Financing through a store credit card can also come with added fees, which is why you must read the terms and conditions very carefully.
2. Furniture
The same cautions of financing appliances also apply to furniture. An even bigger issue can arise if you choose the rent-to-own scenario.
If you miss one payment, you could end up losing the furniture, as well as all of the money you've already given in previous payments.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to the Defenders team by emailing money@wcnc.com.
3. Computers
Technology changes so quickly that a laptop you purchase today could be out-of-date in less than a year. Financing a product that could have a relatively short lifespan means you might still be paying for something you can no longer use.
Contact Carolyn Bruck at cbruck@wcnc.com and follow her on Facebook, Twitter and Instagram.
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