Based on the incessant furniture store advertising I’ve been hearing on the radio, the next few weeks seem to be the best time to buy furniture. One local business ad declared that the store has been working toward this sale for 84 years, whatever that means. Anyway, they’re working to lure you… but don’t bite all of their bait.

Zero percent down for one year can be a great thing for the next year. But like every “good deal”, there’s a catch. If you don’t pay off the balance in less than one year, the store tacks on interest fees that accrued during the first year.

Example: You spent $1,500 on a beautiful dining table and chairs’they look beautiful in your home without putting down a dime. Every month, the furniture store expects a $100 payment. (AHH’the minimum payments won’t get that balance paid off, will it?!) One year passes; you’ve paid $1,200 ($100 x 12 months) and think you have an outstanding balance of $300. You can handle paying 15% on that balance for a few months, right?

Well the furniture store says that instead of owing them $300, you now owe them $541.13. According to the contract you signed, you agreed to pay accruing interest on your purchase price if you didn’t get the balance paid off.

Neglecting to pay off that fine dining set cost an extra $241.13… and my example was lenient. Yikes!