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  1. #61
    Quote Originally Posted by Witchblade77 View Post
    I mean yes, but... you can accomplish all of that without accruing interest. I put like 90% of my purchases on my credit cards. the key is - those purchases are basic stuff I spend on every single month. utility bills, groceries, transportation etc. all of those "part of the standard budget" things that I pay off in full every month, thus getting all the cashback benefits (we don't travel, so cashback cards are the only kind we have) with non of the drawbacks of buying on credit.
    One can buy via credit card and not pay any interest. Also, the OP says he can make the payments easily. So assuming they know how to handle their money, it's not necessarily a bad idea IF they can handle the payments.

    P.S. I don't consider a good kitchen knife for someone who cooks regularly to be a luxury incidentally, its an investment that ends up costing less long term. same goes for pots and pans etc. that same sort of math very rarely applies to things like TV's though. at least IMO.
    It was a luxury item for me. I had plenty of high-quality knives, I just wanted this before someone else bought it. I had no necessity for a $900 $600~ knife, I just thought it was pretty and crafted beautifully.
    Last edited by Fencers; 2021-09-25 at 03:49 PM.
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  2. #62
    Well done OP, you got a ton of people.

    In the unlikely case that this thread was actually serious and not a troll, may god help you.
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    "I don't take responsibility at all."
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  3. #63
    There's nothing inherently wrong with financing anything if you're getting low enough interest, but if you can't afford to buy it in cash by choice, you probably just can't afford to buy it at all. The lone reasonable exceptions to that are housing, cars, student debt, and business loans.

    Financing a TV that you can't afford to buy in cash is a like a foolish choice. This is a non-essential good, it is unlikely to provide significant utility even from a purely hedonic perspective, and burns through money that should probably be saved or invested instead. A reasonable exception to that is if you have good reason to believe you'll earn much more money in the future than the present.

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    Quote Originally Posted by Fencers View Post
    It was a luxury item for me. I had plenty of high-quality knives, I just wanted this before someone else bought it. I had no necessity for a $900 $600~ knife, I just thought it was pretty and crafted beautifully.
    For sure. One can come up with justifications for a $600 knife, but the only real justification is that you like it, can afford it, and Damascus steel (or whatever choice you made) is beautiful.

  4. #64
    I'm only just getting over debt that's worse than what you are talking about, starting to slowly get savings (go up and down) after years.

    If you think it's is going to make you happy, just fucking get it.

    All I'd suggest is get credit 'loan style' rather than CC, OD. Had I done that id have been out of debt years ago (mortgage aside), that could just be me though, at the start of getting rid of debt a few years ago I tried to still use £100 a month on CC paying it back like a day later to try to keep improving my score ( I'm not sure if that is even a thing ) and it went up to a k extra to my debt eventually. But that may be just me, I am pretty impetuous and if I don't grow magic beanstalks who will?

  5. #65
    I have a small 17-inch tv. I don't pay enough attention to tv to really care about having a big tv like that. Do people really like tv that much to spend on tv like that? I watch a lot of old movies. It's very rare I watch a newer movie. I like watching American football, boxing, MMA, and auto racing. I'm usually doing something on my computer while watching tv.

  6. #66
    Quote Originally Posted by Nihilist74 View Post
    I have a small 17-inch tv. I don't pay enough attention to tv to really care about having a big tv like that. Do people really like tv that much to spend on tv like that? I watch a lot of old movies. It's very rare I watch a newer movie. I like watching American football, boxing, MMA, and auto racing. I'm usually doing something on my computer while watching tv.
    It depends on the TV. I paid 2 grand for a LG C1 OLED TV. It looks amazing and is equally amazing for games, which I use often.

  7. #67
    Quote Originally Posted by Fencers View Post
    One can buy via credit card and not pay any interest. Also, the OP says he can make the payments easily. So assuming they know how to handle their money, it's not necessarily a bad idea IF they can handle the payments.


    It was a luxury item for me. I had plenty of high-quality knives, I just wanted this before someone else bought it. I had no necessity for a $900 $600~ knife, I just thought it was pretty and crafted beautifully.
    to first, exactly the point I was making. this is what I do, but in order to be able to do that for larger ticket items - I save up for them first and then make a credit card purchase knowing that I CAN pay it off in full as soon as I get the statement. IMO, if one doesn't have the discipline to save first... they probably may want to rethink spending money on such non essential items as 8k TV. if they can easily make the payments? then they can then make those payments into their savings account BEFORE the purchase. IMO

    to the second. well... I can't say I would or would not have done the same or similar with 100% certainty.. wait... yeah I can. when I was younger, I would have done it. now? nope. I've personaly learned to appreciate beautiful things I cannot justify prioritizing - vicariously. because it honestly always comes down to choice.... do I get a gorgeous $500 set of absolute best in slot pencils when I already have perfectly good functional set that cost me fraction of that price? or do I throw that money towards my mortgage principal and reduce the time it will take to pay off as well as interest?

    I do not have to own something to appreciate its quality and beauty. but that's just me. OP asked if its a good idea to finance a cutting edge technology that has relatively limited benefit right now over more commonly available and less expensive equivalents - and that will cost fraction of its price today in only few years. IMO its not a good idea. in the end they will decide for themselves, but they asked for opinions. this is mine.

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    Quote Originally Posted by molliewoof View Post
    I'm only just getting over debt that's worse than what you are talking about, starting to slowly get savings (go up and down) after years.

    If you think it's is going to make you happy, just fucking get it.

    All I'd suggest is get credit 'loan style' rather than CC, OD. Had I done that id have been out of debt years ago (mortgage aside), that could just be me though, at the start of getting rid of debt a few years ago I tried to still use £100 a month on CC paying it back like a day later to try to keep improving my score ( I'm not sure if that is even a thing ) and it went up to a k extra to my debt eventually. But that may be just me, I am pretty impetuous and if I don't grow magic beanstalks who will?
    it IS a thing if you do it AFTER you get your statement and before it starts accumulating interest. if you pay your purchase off before it shows up on your monthly statement - it does nothing for your credit. its how SO and I rebuilt our credit score after fucking it up majorly due to both of us not growing up in a country where this type of credit was a thing and so not really understanding how credit cards worked as dumb barely older then teenagers, who got credit cards practically thrown at them while in college.

    you HAVE to pay it off in full, and it works even if you do something as little as charging your netflix bill or whatever to it and setting up autopay so that you never forget to pay in time. its not the size of your purchases as much as how you manage them when it comes to rebuilding credit. in fact just having a ton of available credit that is far higher then your debt - also adds to your score. so smaller purchases are better in many ways.

    that said... will the happiness from a purchase outweigh the stress of dealing with debt caused by that purchase? a question to ask yourself.

  8. #68
    Quote Originally Posted by Witchblade77 View Post
    if you pay your purchase off before it shows up on your monthly statement - it does nothing for your credit.
    This is not correct. I've done this for years and it's why my credit score is over 800. My banker even said an easy way to build rolling credit is to pay for gas on your credit card, turn right around and transfer the funds immediately from your checking to credit account.

  9. #69
    Quote Originally Posted by Necromantic View Post
    This is not correct. I've done this for years and it's why my credit score is over 800. My banker even said an easy way to build rolling credit is to pay for gas on your credit card, turn right around and transfer the funds immediately from your checking to credit account.
    interesting, because I was told that you have to wait until you get your statement, because that shows you can responsibly carry a balance to credit reporting agencies - paying off too soon, just shows you are not really using your credit. maybe things changed? this was something I was told over decade ago.

    the goal is still the same though, charge small purchases, things you would be spending on like bills or gas and then pay them off in full to avoid interest while still actively using credit.

  10. #70
    Quote Originally Posted by Witchblade77 View Post
    the goal is still the same though, charge small purchases, things you would be spending on like bills or gas and then pay them off in full to avoid interest while still actively using credit.
    They are, yes.

    As you and others have said, there are smart ways to finance things. Generally, it's not a good idea for people who can or will struggle with the payments alone. That's what these places bank on... people who will struggle but really REALLY have to have that item RIGHT NOW. About 20 years ago, I worked in a store kinda similar to Rent-A-Center but rather than renting, they financed you the furniture. They made it sound really sweet with statements like "you will own it, not rent it!" but if you cannot pay, the contract says they can repo the furniture AND you're still required to pay the balance and are left with nothing. In just a year, I saw 3 young men who couldn't have been older than 21 who thought "whow! a big screen TV!" and not realizing they were about to pay 3x the MSRP plus interest, which ended up being $300 a week payments. None of them were able to keep up and ended up getting the TVs repossessed. The company turns around and sells them as used for only 2x the MSRP and sues the original buyers for the balance.

  11. #71
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    Quote Originally Posted by Necromantic View Post
    They are, yes.

    As you and others have said, there are smart ways to finance things. Generally, it's not a good idea for people who can or will struggle with the payments alone. That's what these places bank on... people who will struggle but really REALLY have to have that item RIGHT NOW. About 20 years ago, I worked in a store kinda similar to Rent-A-Center but rather than renting, they financed you the furniture. They made it sound really sweet with statements like "you will own it, not rent it!" but if you cannot pay, the contract says they can repo the furniture AND you're still required to pay the balance and are left with nothing. In just a year, I saw 3 young men who couldn't have been older than 21 who thought "whow! a big screen TV!" and not realizing they were about to pay 3x the MSRP plus interest, which ended up being $300 a week payments. None of them were able to keep up and ended up getting the TVs repossessed. The company turns around and sells them as used for only 2x the MSRP and sues the original buyers for the balance.
    I don't think anyone thinks that financing something at a 0% interest is stupid. It is actually paying interest on item with depreciating value which is stupid. Obviously there are emergencies (if for some reason you can't save cash) come up where there is no other option but to finance, but again, that's not what we are talking about. It's stupid for people like the OP who are buying luxury or other depreciating assets that get themselves in trouble or pay massively over MSRP because of interest that are making stupid decisions. Also, I am not calling the OP stupid, cause I don't think he has made that purchase yet.

  12. #72
    Quote Originally Posted by ghotihook View Post
    I don't think anyone thinks that financing something at a 0% interest is stupid. It is actually paying interest on item with depreciating value which is stupid. Obviously there are emergencies (if for some reason you can't save cash) come up where there is no other option but to finance, but again, that's not what we are talking about. It's stupid for people like the OP who are buying luxury or other depreciating assets that get themselves in trouble or pay massively over MSRP because of interest that are making stupid decisions. Also, I am not calling the OP stupid, cause I don't think he has made that purchase yet.
    Nobody who actually knows about financing will think it's stupid. There are people in this thread who have said it was but you can tell do not understand that there are things like 0 interest, which can be good IF you can make the payments and pay it off before the "0 interest" period ends.

    But yes, you are right, there are emergencies which too doesn't make it "stupid". As far as the OP, he was just asking. Maybe he doesn't know about 0 interest options. Maybe he could easily pay it off in that time and doesn't want to pass up a really good price drop sale. We don't know but you gotta love those who jump on the opportunity to call someone else on the internet "stupid".

  13. #73
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    Quote Originally Posted by Necromantic View Post
    Nobody who actually knows about financing will think it's stupid. There are people in this thread who have said it was but you can tell do not understand that there are things like 0 interest, which can be good IF you can make the payments and pay it off before the "0 interest" period ends.

    But yes, you are right, there are emergencies which too doesn't make it "stupid". As far as the OP, he was just asking. Maybe he doesn't know about 0 interest options. Maybe he could easily pay it off in that time and doesn't want to pass up a really good price drop sale. We don't know but you gotta love those who jump on the opportunity to call someone else on the internet "stupid".
    I was one of the first people in this thread to call it stupid. I think MOST financing is stupid. Obvious omissions are zero interest and mortgages, the former not having to pay anything extra, the latter obviously almost impossible to do without financing. I have friends or people I know who have financed cars, kitchen tables, tvs, remodeling projects, and I even know someone who financed a pair of shoes! I think the biggest problem is people just have absolutely no idea how save money for things like that. They don't have emergency funds and they don't save for the fun stuff they want.

    When you talk about financing something what people are usually talking about are paying interest on items because you cannot pay fully for them. I know too many people that just waste money on buying things NOW and paying interest instead of saving up for an item and paying for all of it. I am not saying you shouldn't buy luxury items or the fancy new technology, but don't pay extra for them! Hell, I own a luxury car which is absolutely a terrible investment, because they will only lose value, but instead of financing the car, I saved for several years and paid cash.

  14. #74
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    Quote Originally Posted by Necromantic View Post
    It depends on the TV. I paid 2 grand for a LG C1 OLED TV. It looks amazing and is equally amazing for games, which I use often.
    That's the other thing, I'd rather have my 4k OLED over an 8k, that tech is more valuable to me than the pixels. The 8ks have QLED which is OK, I have that on my laptop and its a good display tech, just not quite what OLED can do. There are 8k OLED TVs but they're $20,000 and up and I hope those are outside the scope of this thread, I'd hate to see anyone overreaching at that price. By all means buy it if you can afford those, just maybe don't go $20k into debt over it.
    /s

  15. #75
    Quote Originally Posted by ghotihook View Post
    I was one of the first people in this thread to call it stupid. I think MOST financing is stupid. Obvious omissions are zero interest and mortgages, the former not having to pay anything extra, the latter obviously almost impossible to do without financing. I have friends or people I know who have financed cars, kitchen tables, tvs, remodeling projects, and I even know someone who financed a pair of shoes! I think the biggest problem is people just have absolutely no idea how save money for things like that. They don't have emergency funds and they don't save for the fun stuff they want.

    When you talk about financing something what people are usually talking about are paying interest on items because you cannot pay fully for them. I know too many people that just waste money on buying things NOW and paying interest instead of saving up for an item and paying for all of it. I am not saying you shouldn't buy luxury items or the fancy new technology, but don't pay extra for them! Hell, I own a luxury car which is absolutely a terrible investment, because they will only lose value, but instead of financing the car, I saved for several years and paid cash.
    There are sometimes circumstances surrounding that. I was saving up for the TV I mentioned in this thread. I would have had the money 6 months later to pay it in full. However, there was a huge random-ass sale for it that happened and the damn thing had not even been out for a month, plus they were tossing in a free 2 year accidental coverage warranty which alone are $300, so all-in-all, it was $800 saved. With a 0 interest finance, I'll have it paid before the year is over. If there was no deal, I would have just saved and got it at a later month.

    Yes, some people may be talking about paying interest and if they're not, sure, they could have said it from the start but that's why I started out my response to the OP with questions rather than insults. I've only recently started peeking in this off-topic subsection and the amount of unnecessary insults, sealioning and incompetency I see here is very staggering.

    Quote Originally Posted by draynay View Post
    That's the other thing, I'd rather have my 4k OLED over an 8k, that tech is more valuable to me than the pixels. The 8ks have QLED which is OK, I have that on my laptop and its a good display tech, just not quite what OLED can do. There are 8k OLED TVs but they're $20,000 and up and I hope those are outside the scope of this thread, I'd hate to see anyone overreaching at that price. By all means buy it if you can afford those, just maybe don't go $20k into debt over it.
    I will pick 4K OLED over 8K any day of the decade. As we go from SD to HD to 4K, etc, we just get sharper. Some people will not see any difference at some point unless they are the extreme rare people who pause video and zoom in for some reason. When 4K came out, it brought HDR to light which is a better thing than even 4K. If 8K are not bringing anything eye-catching along with it, it's just marketing and numbers.

  16. #76
    Quote Originally Posted by ghotihook View Post
    I was one of the first people in this thread to call it stupid. I think MOST financing is stupid. .
    I'll go you one better, and it seems you might agree to a point; financing anything is stupid. If I could pay cash for everything I would. As I posted before a good credit is a double edged sword. It shows I can be responsible suckered paying an exorbitant fee to use someone's money to pay for my purchase..(and the higher that credit score the bigger the sucker I feel)..because banks never make enough money using other methods to begin with.
    Living in a very capitalist society where "a sucker is born every minute" is more true than anyone cares to admit.

  17. #77
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    Quote Originally Posted by Necromantic View Post
    There are sometimes circumstances surrounding that. I was saving up for the TV I mentioned in this thread. I would have had the money 6 months later to pay it in full. However, there was a huge random-ass sale for it that happened and the damn thing had not even been out for a month, plus they were tossing in a free 2 year accidental coverage warranty which alone are $300, so all-in-all, it was $800 saved. With a 0 interest finance, I'll have it paid before the year is over. If there was no deal, I would have just saved and got it at a later month.

    Yes, some people may be talking about paying interest and if they're not, sure, they could have said it from the start but that's why I started out my response to the OP with questions rather than insults. I've only recently started peeking in this off-topic subsection and the amount of unnecessary insults, sealioning and incompetency I see here is very staggering.
    I pretty much agree with everything you're saying. And you're talking about nuances. Ofc there will be rare or extreme versions where it is a good idea, but for the vast majority I still think what I say is true.

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    Quote Originally Posted by Shadowferal View Post
    I'll go you one better, and it seems you might agree to a point; financing anything is stupid. If I could pay cash for everything I would. As I posted before a good credit is a double edged sword. It shows I can be responsible suckered paying an exorbitant fee to use someone's money to pay for my purchase..(and the higher that credit score the bigger the sucker I feel)..because banks never make enough money using other methods to begin with.
    Living in a very capitalist society where "a sucker is born every minute" is more true than anyone cares to admit.
    Oh yes we do definitely agree. However most people I know that have amazing credit scores are good with their finances, but I get what you're saying. It's massively easier to get approved for financing if your credit score is good. I never really thought of it that way. They will see something like "if your have good credit you can get an amazing 1.5% interest on your loan". People get think they are getting deal when they could just wait X amount of time and not pay that money.

  18. #78
    Quote Originally Posted by ghotihook View Post
    Oh yes we do definitely agree. However most people I know that have amazing credit scores are good with their finances, but I get what you're saying. It's massively easier to get approved for financing if your credit score is good. I never really thought of it that way. They will see something like "if your have good credit you can get an amazing 1.5% interest on your loan". People get think they are getting deal when they could just wait X amount of time and not pay that money.
    Which is why I feel bad for people who get suckered into financing something and have no idea what high interest rates are. They see this low number and think "oh, that can't be bad" but do not understand the math behind it. Some interest rates are right in your face. The absolute worst I ever saw was a pet store at our mall that will finance their $3000 dogs to people. Just for kicks once, I checked my finance rate with my credit score over 800 and it was nearly 60%. I asked the manager how and he said people with bad credit can be up to 200%.

  19. #79
    I once had a credit card that if I ever needed it, I could have put $35k on it. After a while I asked myself "Why do I need this?" Sure it's nice if I had some sort of an emergency...and percentage wasn't bad. But...*shredded* called the bank and let them know. (To be sure)
    I have moments when i feel suckered, but falling for that temptation, that would be stupid.

  20. #80
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    Quote Originally Posted by Shadowferal View Post
    I once had a credit card that if I ever needed it, I could have put $35k on it. After a while I asked myself "Why do I need this?" Sure it's nice if I had some sort of an emergency...and percentage wasn't bad. But...*shredded* called the bank and let them know. (To be sure)
    I have moments when i feel suckered, but falling for that temptation, that would be stupid.
    Yea, I own a single credit card with a $16K limit just to help my credit score. I have only gone over $10K once and that is what I was building my home theater. But then I paid the full balance when it was due. The sad thing is when I pull my credit score it says "Good" instead of "Excellent" because I don't have enough available credit. I think am supposed to have $50K available credit for "Excellent" That always baffled me.

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