Not to be over dramatic, but payment plans are the chains that bind us to the floor of uncertain financial life. They should be avoided at almost all costs. There are many benefits that go along with this point of view.
Peace of Mind
I may not have the latest car model. My furniture isn’t off the show room floor. What I do have is peace of mind. Nothing that I need can be repossessed. I don’t have to have full insurance in order to own something. I don’t need to worry about what can act as collateral when I decide to buy an item because I don’t need to apply for a loan. It does take me longer to get the things that I want, but once I have them they belong to me.
Lower Monthly Costs
I don’t buy items using a payment plan and as a result I don’t have monthly payments. This keeps my monthly expenses down by hundreds of dollars. I also don’t have to have full insurance coverage on certain assets unless I choose to. In addition to this, I don’t have to worry about pay dates or late fees. It also makes weekly budgeting shorter and less stressful.
Less Buyer’s Remorse
For me buyer’s remorse happens two ways. Either I pay too much in full for something I shouldn’t have and it lasts a day or two. At most this type or buyer’s remorse is gone in a month. The other kind of buyer’s remorse lasts as long as it takes to pay off the item I purchased. With payment plans that could be years. I would consider selling or returning items and sometimes that works out for me. However, you can never sell for purchase price of the item, so there will be a loss there. In the end it effects my confidence when making the next purchase of a similar product. Which is good in one way, then I learn from my mistake. But to you, I hope you don’t have to learn the hard way!
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