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Beware the Shopping Mall Monster
by: Colin Mc Caig
Like me, you’ve probably been offered a fair old number of these by now...
..and, if you’re like most people, chances are you maybe own at least one or two.
They always seem to put in an appearance at just the right (or wrong) moment...
It might be Saturday and you've just seen the clothing item of your dreams.
That can be a pain, though, if this month’s paycheck isn’t due for another week.
You're undecided. Until, that is, you're offered... ..a store card.
One of the horrible ironies about store cards is that the vast majority of people who sign up for one actually had no intention of making a purchase before they left the house.
But if you’re caught in the above situation, the convenience factor frequently wins the day, doesn’t it? Add on top of this all the little goodies thrown in as a sweetener...
An introductory discount on goods – typically around the 10% mark – extra money off during sales periods etc...
But let me tell you what the sales assistant probably won’t...
For starters, did you know that many department stores will currently charge you anything up to 30% interest on that little card they offer you? (yes, even those ones with the pretty pictures.) That’s around double the interest of your standard credit card!
Sound scandalous? Well, hang around... it gets a lot worse! Here are just a few of the pitfalls you should look out for the next time you’re offered a store card...
Buy now, pay within the next three months. Sure...great deal if you do actually manage to pay it off within that time. If not, some stores will charge you interest from the first day you bought!
Ask questions: In a recent study, it was found that in one third of cases, information on the interest rate on the card (among other things) was not freely available.
Don’t be tempted to take out expensive and often useless insurance.
About The Author
Colin Mc Caig is dedicated to helping others become debt fr#ee and start their own home-based business. Get his fr#ee 6-part mini-course. Learn the powerful secrets to becoming debt-fr#ee using only the money you have today. Send a blank email to: ==========>>>>>>>>>> mailto:colindebtfre@demandmail.com
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