I saw a recent commercial for the Walmart credit card where you can get 18 months with 0% interest on electronic purchase of $429 or more. It is similar to the layaway commercials I have seen where the customers don’t think they can afford everything they want to buy and the employee tells them about the layaway program or the credit card program. Even if you get a break on the interest fees you should also consider if you can really afford to purchase the items. When taking out a buy now, pay later loan it is important to figure out how much to put away per month or paycheck to pay it off on time. If you don’t pay the balance off at the end of the term, the interest charges will be figured on the entire term of the loan. They advertise 0% interest but, many of these loans will have interest rates that are higher than normal if you end up paying interest after the initial term of the loan.

It is also important to double check to make sure it is paid off in full if you think you have paid it off. I have heard of instances that other fees were added to the account such as insurance, etc and if the entire amount is not paid off you will be charged the interest charges for the entire period of the loan.

Nancy Kvamme

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