Terry & Tianna Rack Up Their Store Card - Bad Luck Shopping Stories
| "Hey Darrell, you have seen all that new furniture Terry and Tiana have?" asked Sheryl, Darrell's wife. |
| "Yeh, where did he get all that from and how can he afford it?" asked Darrell. |
| "Well when I was over there this morning having a good look, Terry and Tiana said that they went to a big furniture store and they were able to get all that stuff with a store card. And you know what, they do not have any interest and no repayments until January 2006," replied Sheryl. |
| "That sounds too good to be true," replied Darrell. |
| "Lets get some new furniture. You've been wanting a new armchair for a while now," said Sheryl. |
| "No, let's wait and see and do some research on this. Remember the car, we are still paying that off," cautioned Darrell. |
One year has passed and Terry and Tiana have only paid $600.00 of their $5000.00 worth of furniture. They have just received a letter from the company that issues the store cards that they will now have to start paying interest on the remaining $4400.00 and the interest rate is 24%. Terry and Tiana now have to find a monthly payment of $125.00.
In comparison, Darrell and Sherryl saved for a year and were able to pay cash for a new lounge room suite and a new king size bed. Terry spends his spare time worrying about money while Darrell reclines in his new armchair and sleeps well in his new bed, and the best thing is: NO debt and NO interest!
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