I want to get a 70'' tv from bestbuy and thinking about getting their credit card to finance it for 24 months, maybe put 300-400 down with a 1000$ limit, in reality it would only take me a few months to pay off. Has anyone done this? Is this a poor idea whats your guys input ?
You probably don't need it right away. If you can pay for it in a couple months, save your money and buy it in a couple months. Save yourself the few hundred bucks of insanely high interest you'd end up paying. You will be better off.
If the credit card is interest free for the first 12 months, sure.
If you have steady income, there is no reason you couldn't do this. But, be careful, it takes some willpower to not get caught into credit debt. If you think you can pay it off before you get charged interest, go for it. I did this with a computer a few years ago waiting on some freelance checks, had no interest for 6 months on a new CC and paid it off within like 2 months no sweat.
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Terrible idea. Just save the payments for a year and then buy it downright.
General personal finance rule of thumb (with the exception of houses and cars) if you can't pay it off today, then don't finance it.
As in....if you have 10k in emergency savings that you simply don't want to touch unless ABSOLUTELY necessary and you're spending money is lower right now, then sure, finance it. Enjoy it, pay your bills on time and pay it off (don't let it accrue interest otherwise you're just wasting money). If you start financing and lose your job, then you need to be able to pay it off. Right then.
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