Because they are so often easy to get, many people wonder if buy now pay later catalogs whether online or in print form are a good idea. Realistically speaking, it really depends on your current financial situation. It is really only recently that these types of catalogs have been getting a bad rap and that's mainly because they make products so easy to get, but at the same time, many of them charge very high rates of interest. However, the concept of buy now pay later is even older than our current credit system. So in essence it is definitely not a bad idea. It is only a bad idea when it is used improperly, illegally and without self control.
Do Not Use Shop Now Pay Over Time Catalogs and Websites Improperly
If you use these shop at home catalogs and websites to purchase items for your home, electronics or personal items such as clothing, you should make sure you use the credit wisely. Many of these online shopping catalogs and print catalogs give you instant credit and often without a credit check. This can be tempting, and you can easily run into trouble by charging up too many things, too quickly and at very high interest rates. This is not a prudent thing to do. These opportunities are to be used just like normal credit cards and with the same degree of carefulness. Just because you may not have a physical card in many instances, doesn't mean that over use or improper use of these credit opportunities will not have a negative effect on your credit. It is a different form of credit, but it IS credit. With all types of credit, you must use it wisely.
Do Not Use Deferred Billing Print Shopping Magazines and Websites Illegally
Yes, illegally. It is tempting for you to use an offer that comes in a relative's name or a spouse's name in order to get things you want. This happens a lot. Simply because when these companies send preapproved offers in the mail, the information is exposed. Someone who lives at the same address could easily use credit that was intended for someone else. The way the catalogs are sent, your account number, name and address is easily accessible. All you have to do is open the magazine to the center fold and everything is right there. Therefore it is easy for someone to steal your information and buy things in your name, just as it is easy for you to do the same thing to someone else. Using these catalogs and websites illegally can land you in a heap of trouble it's best to let the temptation pass by.
Do Not Use Catalogs and Websites Offering Instant Credit Approval If You Have No Fiscal Sense of Self Control
Once you get one of these credit catalogs or offer for instant credit online, as long as you purchase something and pay it back on time, you will continue to receive more pre-approved offers from different Shop now pay over time companies. It is here that you have to exercise some fiscal restraint. If you know you are a shopaholic, then it may be wise just to have a limited amount of these shopping opportunities available to you. Do not apply for every single catalog or pre-approved credit shopping offer for catalogs or websites that lands on your desk. Be wise when dealing with your money.
Why Is It So Easy To Get Approved For These Credit Opportunities?
These opportunities are easier to get because they are set up differently that regular charge cards. As mentioned above, this industry of lending directly to consumers has been around much longer than the current credit system that we have today. It is easier to get because there is not a lot of red time or hoops to jump through because you are dealing directly with the seller or merchant. They set their own standards. Many merchants are requiring at least minimal credit checks today, but even those light credit checks are no way near as invasive as if you were trying to apply for a MasterCard or Visa. To learn more about the buy now pay later industry and how it came about, press here.
Who Uses The Shop Now Credit Catalogs?
Many, many people shop from stores with buy now pay later. It is way more popular that some might think. Many people have department store cards such as Macy's or Bloomingdale's or Sears which they seem to understand better. The concept is the same only with companies that are not as well known. Montgomery Ward may be the best known of all the credit catalogs and credit website companies because it, like, Sears has been around for decades. However, for those who use these credit catalogs and websites, it is a normal to them as those who use their Macy's or Bloomingdale's department store cards. There is really no difference except for the brand names.
So, Is It A Good Idea To Use These Types Of Credit Catalogs?
That is totally your call! If you use them just make sure you are aware of the interest rates and make sure the interest rates that you will be paying is acceptable. If you cannot afford the interest rates or the interest rates that these catalogs offer are not what you usually go for, then it's best to pass them by and stick with what you are used to and what you can afford. These catalogs are a big help to many people and they have been so for decades and will continue to be for decades to come. Just like any other credit offer, it is really up to you to decide whether or not you can afford to use credit at this time in your life and if you can afford to pay it back. As a rule of thumb, if you can't afford to pay back the payments, it's best not to get involved with these type or credit catalogs or any type of credit-period. This is how people often get into trouble. Use good practical sense and use them wisely and these types of credit catalogs and websites can really be beneficial. Use them irresponsibly and they can be a nightmare.
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