Today I was looking at a bunch of examples on how if you insist in making the minimum payments when it comes to purchasing big ticketed items you can easily end up paying three times as much than intended. For example, wanting to buy a two thousand dollar couch where the store offers you a payment plan with interest where that two thousand dollar couch can easily be six thousand by the end of it.
I guess we all should know how paying simply the minimum can sure get you into debt when it comes to credit cards for example. Just like factoring in taxes though, is there a reason where if a person is opting to use some kind of payment plan that they don’t immediately ask what the total will be in the end as well? Just looking at that number would probably make you seriously consider holding off or purchasing something that you can outright buy right away.
I can see why a company wouldn’t want to show you that end amount, but as the consumer it’s a number you should force yourself to see before making a decision on purchases that you can’t outright afford.