WannaBe
New Member
Cash: $ 0.70
Posts: 3
Joined: 10 Jun 2006
|
| Need HELP.. |
 |
|
I am needing to make a decision...Here lies the situation, I am about to "pop the question" to my girl. Of course I have to choose the right ring, which is going to cost more than I have on hand for one transaction. With that being said, I will finance the ring. Most jewlery companies have very high interest rates, so I was thinking to apply for a credit card (which I am not a big fan of, but considering the situation...) with a lower interest rate. Am I thinking straight?? What company would you professionals advise for a credit card?? Any other advice would be very helpful. Thanks in advance.
|
Sat Jun 10, 2006 8:25 pm |
|
|
Andrew
Admin
Cash: $ 467.10
Posts: 1717
Joined: 02 Nov 2003
Location: Texas
|
>> Am I thinking straight??
No, you're in love. 
Don't listen to that industry guideline thing about spending 2 months salary, they don't know what you make or what is reasonable, they just want one-sixth of your yearly salary!
Really I have no idea what you should do, just be careful about digging yourself a big hole of debt. Good luck with it and congrats...
|
|
Sat Jun 10, 2006 9:58 pm |
|
|
WannaBe
New Member
Cash: $ 0.70
Posts: 3
Joined: 10 Jun 2006
|
From the info that I gathered, the interest from most companies run in mid to high 20's...I have good credit, but they look at it as, well if you finance where gonna hit ya hard. Maybe a personal loan from my bank would be better? Much lower interest rates and staying away from credit cards...I just dont see myself using a credit card enough to take an advantage of there vairous "rewards"..Do most banks give such personal loans?
|
|
Sun Jun 11, 2006 4:26 pm |
|
|
zellerscrossing
New Member
Cash: $ 0.65
Posts: 3
Joined: 13 Jun 2006
|
This is probably extremely rare, but I believe I did see a jewelry shop once offer a simuliar promotion as what you see in a furniture store, such as 6 months same as cash. If this is something you could find, I'd say go for it. As long as you can pay it off within there time zone.
I agree about the credit union recommend. This isn't so much about the ring as the best way to get a loan. Obviously how long it will take to pay off comes into play, what type of down payment you can put on it, etc....
Many credit cards will (believe it or not) keep you at a very low fixed rate such as 1% (no i'm not making this up) as long as you don't fall past due. While the best instinct is to avoid using credit whatsoever, and rely on cashflow, when your in love, sometimes that what you gotta do right! Good Luck and here's hoping she says yes!
|
|
Tue Jun 13, 2006 8:32 am |
|
|
JCook
Full Member
Cash: $ 11.20
Posts: 56
Joined: 24 Jan 2006
|
Congratulatoins on your upcoming engagement, but going into debt as your first step in marriage could be a big mistake. Surely you can come up with an alternative.
Perhaps you could buy a cheaper ring, start saving for it NOW, shop around, shop around and shop around. You can buy her a more expensive one for a future anniversary.
|
|
Thu Jun 22, 2006 2:41 am |
|
|
|
