would you class a 0% debt as a bad debt?

SarahNeedle1872

yes if you dont pay it off

If u've already got the money to pay it off when the 0% ends, then its not bad debt.... esp if the cash is earning u good interest! Just makke sure u pay it off in time!

Technically u'd be back in debt, but realistically u wouldn't be cuz u've already got the cash earning somewhere else.... u'd be like a 'part time' stoozer:D

Sarah x

postingalwaysposting

maybe i should explain this better, i seem to have confused you all :rolleyes: probably due to my explaination :rotfl:

i would like an item of furniture... i dont 'need' this item but now i am an adult i would like it (i dont really want to tell you what it is from fear of being flamed)... i have no credit cards... i have one catalougue that i never use and i am waiting for them to close it (after a year they still wont)... to buy the said item i will invest in a store card, i can go through quidco and get a % back and the company will give me a % off... the item is in the region of £250... the 0% deal is for 6~9months depending how much i spend... within that time i will set up a direct debit to this card to pay off approx £50 per month (from that months incomings) however i have more than enough in my savings to pay it off in full now and when the terms ends.

I am not 100% sure i will get this card but i cant see it being a problem now i have no cards/debts outstanding... non of my debts before had missed payments or defults/ccj's.

Shall i give it a miss :cool:

se999

You obviously understand the difference between 'needs' and 'wants', so that's not the question. It seeems more a question of how much do you want it, will it delay something else, and what are your priorities.

It's difficult adjusting back to having the possibility of spending on 'wants' rather than 'needs'.

We quite often open store cards just to take advantage of the sign up normally 10% discounts. Clear the card before interest is incurred, then normally immediately cancel the store card. We've so far not had problems with getting new store cards from the same store card groups. The only time to think about not cancelling the store card is if they have long term benefits, e.g. every year an extra 10% off in the sales and such like, where it's not worth the bother of cancelling them as long as you normally only buy in the sales.

SarahNeedle1872

yes if you dont pay it off

If its something u definately want, and ur gonna buy it anyway, what u have said to seems like the best option.... especially as you already have the money to pay for it..... and it can earn interest while u don't pay any on ur furniture. If you really really want it, go for it..... U deserve a treat more than most!

Sarah x

tesuhoha

no

Pap, youre debt free so you can do what you like with your money. Debt is not a bad thing if you use it wisely to suit your own ends and if it is within your control. As all these things seem to apply and you want this item I don't see why you shouldnt go for it. However, be prepared to pay a fee, though it wont be much on that amount.

I cant help but speculate on what this item of furniture is and have a couple of ideas!!

postingalwaysposting

thanks all i have applied for the card and shall see what happens... i am not holding my breath but you never know do you those of you who are guessing you are prob right if you 'know' me

Gemmzie

no

I agree with the others. You've thought it out well, and have got the best deal which is part of Martin's Rules for purchases when you're not in debt.

And if the item, being furniture, is something you can take with you when you do move out then it's definitely worth it.

rog2

yes if you dont pay it off

Hi PaP - You have shown that you can 'Deal with Debt' - both your own and your mother's. It sounds as though you have thought this one through - so go for it and good luck.

newleaf

yes if you dont pay it off

postingalwaysposting wrote: »

Shall i give it a miss :cool:

I say get it, if you really want it. You seem to have a good plan for getting it at the best price and on 0% interest, so go for it and enjoy!

postingalwaysposting

thanks gem, rog and newleaf... i have just recived an email saying i have been accepted and all the gump will come in the post in which to sign and send back... then it will take another 7 days for the card to arrive :j enough time then to get all my junk on ebay