General Credit Topics

[TULO30]

Thanks to everyone who provided feedback. Some additional information - Insurance will not cover this surgery. I need an additional 4000 to be able to pay for the surgery and since I don't have it in cash I will need to borrow it.  I was just trying to figure out if I should borrow it now or if I should just wait. I think I am going to wait.  Although I want to have the surgery, I don't like the idea of taking on additional debt.  Thanks again!

[Sylviatob]

TUL best of luck to you. It's always good to talk things over. Hope we've helped a lil bit.



Ohhhh lasik! Good idea. Now there's 2 things I'm considering!

Message Edited by Sylviatob on 02-12-2008 09:31 AM

[myfico5378]

Sylviatob - I used CareCredit for an elective surgery.  I was told by my doctor's office that it would be 6 months no interest.  Apparently, it depends on the doctor's office arrangement with CC so it's not in your credit card disclosures exactly how long you'll have no interest.  I started being billed interest after 3 months.  The interest rate is very high (21.49% right now since Prime has dropped a bit).  I'm planning to pay mine off with my tax refund which was my plan all along, but they started charging interest 3 months earlier than planned.  Also, when they do start charging interest, they start from the date of the initial loan rather than that date forward.  So, the 3 payments that I had made basically went straight to interest as my total balance jumped back up to the original balance after 3 months.  If I only made the monthly payment for the 4 years that they set it up for, I would be paying almost $1000 in interest on a $2000 surgery (I paid the other half in cash). 

My advice would be if you are absolutely certain you can pay it off during the no interest time period (and get that time period in writing!!!), it is fine. 

It's more like a store card than a MC or Visa.  You can use it at any physicians office or dental office that is enrolled in their program.  You can find a list of their providers on their site.

[jaybee]

Oh yes the interest is very high, which I don't care if it is 100% I am not paying for interest.

Also, Syl, know that the interest will be tacked on after the intro rate is over, if you have not paid for the bal off completely.

[Sylviatob]

TYVM jaybee & myfico5378! Good info! I appreciate your comments.

I might be better off financing thru my hi balance cc(at least high for me!) than to go the other route, if the 0% financing period is only 3 months, then the 23.99% or whatever kicks in. And retroactive back to the beginning? ugghhh.

Thanks you all!

Message Edited by Sylviatob on 02-12-2008 09:36 AM