Now before I start this video I know the two ideas that are going to be in the comments.

Idea A: Tommy nothing wrong with 0% financing if you are responsible
Idea B: Tommy this just a full trap by the companies to get you in debt
Oh yeah and the third idea is a bunch of bots, please ignore those.

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1. 0% apr trap and 0% deferred trap ( one is more dangerous than the other )
– This is just marketing
– The goal is to get you to buy something you don’t need and make it easier to say yes
– And to give the illusion that you are special and that you will finish paying it off in time

The clock starts when you buy not when you get your first statement:
– Company X ( I don’t wanna sued) and she buys a sofa and they tell her we can give you a promo to pay it off interest-free in 6 months ( of course she says yes
– Before you say tommy she is irresponsible you should have paid on time
– No, she asks the people to set the payments to pay themselves each month so by the 6 month period they don’t charge her interest
– Turns out that the time starts when you buy the furniture when you get the statement ( so now its month 6 and she makes the last payment and next month she sees that you owe a ton of money
– They charge all the deferred interest )

I got lucky:
– My Mac book: I paid this off in full
– My Bed: I paid this off 5 months before it was due ( and that was just pure luck )

Tip: the point is to be careful, it’s not just about being responsible but it’s about how tricky they can be.

2. You spend more than you can afford ( overprice items too in interest)
– You know how you get someone to buy something they can’t afford ( you trick them in to think they can )
– Hot words: No interest, Low payments, and no credit needed
– So instead of doing the math with what you can afford today, you do the math with what you can afford over a 6-12-18 month period ( thinking that you’ll pay it on time )

Tip: that’s the only reason I bought my MacBook

3. Most People Don’t Pay it back in time ( 88% ) – deferred plus
– But again I know people are going to say, tommy I’m apart of that 12%
– I can pay it back on time
– That’s what I said too before I lost my job and could barely afford the minimum payments

Honestly:
– It’s just game I’m not willing to play these days
– If I want something I buy it in cash
– And if I can’t afford it I save for it

4. My Advice is this
– Focus on Investing and not playing these games with companies ( they have billions of dollars and will usually win )

They do this with:
– Credit cards:
– Furniture:
– Cars:
– And a lot more, to make you think you can afford something when you cant.

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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