SMALL MONTHLY PAYMENTS

iVillage Member
Registered: 06-20-2008
SMALL MONTHLY PAYMENTS
3
Fri, 07-04-2008 - 1:20pm

Has anyone noticed that its the small monthly payments that get you , at least it is for me, you buy something on payments, and the payment will only be 10-20- 30 a month, which isn't bad. its when you get a whole bunch of those small payments, then OH MY GOODNESS when did the small payments added together get so big.


We bought a Bowflex this year and the payments are 47.00 a month so I've been sending 50.00, just a little extra you know to get the principle down.

[url=http://www.TickerFactory.com/debt/w9REIyy/] [img]http://tickers.TickerFactory.com/ezt/t/w9REIyy/debt.png[/img] [/url]
iVillage Member
Registered: 04-12-2007
Fri, 07-04-2008 - 7:13pm

I always wondered how the Bowflex payment thing worked and what the total cost would end up being for one of their machines.

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Sat, 07-05-2008 - 4:16pm

I realized that when I bought a Nordic Track about 10 years ago. Since then I buy things only when I have the money saved up or I can pay for it within the next month, and I put everything I charge on American Express (I turned off the extended-payment feature too, so the whole balance has to be paid). It's too easy to think of those $40 a month payments as being inconsequential, but if you have a few of them, they add up to something big.

Kelly

iVillage Member
Registered: 12-04-2006
Sun, 07-06-2008 - 1:42am
You are so right - its too easy to think you can afford something because its only a small amount per month. I wish that it was possible to take personal finance classes at high school so that we had some preparation for the realities of the world.
Lyn