Furniture Stores Offering Exorbitant Interest Rates Triple The Price Of The Products (Rooms To Go, El Dorado Furniture)aisha | Reviews
31 Mar 2017
Major chain furniture stores, such as Rooms To Go, often offer credit cards or a line of credit with which qualified customers may purchase items. Some major chain furniture stores, such as Rooms To Go and El Dorado Furniture, also have delayed credit payments. However, some consumers are not reading the fine print and signing on to massive interest payments.
A few years ago I decorate a friend’s new condominium. My friend wanted to go to major furniture chain, Rooms To Go, after seeing a television commercial about delayed credit payments and a free TV with purchase. The credit terms offered were exorbitant. On their credit plan, $3,500 worth of furniture (living, dining room and TV) would equate to approximately $10,000 in payments, due to interest charges. For $10,000 you can buy a car.
I took my friend to another furniture store. The bill came to approximately $2,000 (living and dining room). My friend paid cash, via debit card, to avoid interest payments. Then, we went to a massive electronics store outlet and my friend purchased a new 40″ flat screen TV for $350. My friend saved $7,650 in interest payments.
While many people cannot spare $2,350 for new furniture and a television, due to monthly budget constraints regarding cost of living expenses (though a tax refund/tax rebate check could do so if you are not planning to use the funds for something else), furniture stores such as, Rooms To Go and El Dorado Furniture, need to offer better interest rates and credit terms to consumers.