Purchasing my first home and I need to purchase some things.
Braces:3000
New Bed: 2000 (mattress and set)
Appliances: 2000
Should I take out a personal loan or open store cards? Which would be better option.
I just paid off 30K in credit card debt and I really would not like to get back into any debt. I have learned my lesson about spending unecessarily.
@CH-7-Mission-Accomplished wrote:
@Harvey26 wrote:Purchasing my first home and I need to purchase some things.
Braces:3000
New Bed: 2000 (mattress and set)
Appliances: 2000
Should I take out a personal loan or open store cards? Which would be better option.
I just paid off 30K in credit card debt and I really would not like to get back into any debt. I have learned my lesson about spending unecessarily.
Obviously whether you take out an installment loan or use revolving credit cards you are going to go into debt for the same amount. You just would have different interest rates and payment terms. Have you already closed on your house? If you haven't, don't do anything until closing is complete.
For appliances, Lowes is one of the easier credit cards to get and they are known to give out high limits. If they give you a low starting limit you can call credit solutions and tell them what you need and ask them for a higher limit. I believe they offer 6 months interest free or 5% cash back. I forget. But that might be a way to finance the appliances interest free.
For the braces, most dentists will offer a payment plan and not charge interest. You should inquire of your dentist. Also there is Care Credit which can sometimes offer you a deal over a certain number of months. I think the way they work is they actually have the medical provider in effect finance you by paying them less than the amount you charge and then having you payback at no or low interest. The medical provider gets to determine the length of time in agreement with Care Credit.
For the bed I would just pay cash if you can. Most of those mattress stores are horribly over priced charge like 26% interest. Sometimes large stores like Macy's or Sears will offer interest free financing for a period of time.
I don't know your income but 7K is not a huge amount of money, although everybody is broke after scraping together the money to close on a house. You could always buy a bed off of Craigslist or such, and the same with appliances, and then after you save up the $$$, go out and pay cash for the things you want. Lots of people move and don't want to take stuff with them so you can get rock bottom prices if you are a good bargainer. And some people think buying a used mattress is just gross, which may be true, but what do you think you're sleeping on in a hotel, even at the Four Seasons? Yep, a used mattress that has likely seen a lot of action. LOL.
I would take out an installment loan to pay for these things.
There are also credit cards that offer 0% financing for like a year. I think Discover has some deals like this. You just have to research the lenders.
Good luck!
Yeah just figured I dont want alot of payments but one low one would be tolerable.