Turn you loose in Black Friday, you must not only be attention on whether an offer is truly an offer. You must also be on guard if you choose to buy on the installment plan.
A price comparison, as Mikonomi.dk has made for B. T., shows that there is a big difference in how much you end up paying, if you buy on hire purchase.
for example, If you borrow $ 10,000. for a washing machine, you're going to pay 350 kr. in the cost of Power, while you are at Expert and Point1 will get the hammer and pay 4.984 dkk.
"It's really a lot of money. So you need to consider if you can't wait until you have saved up, before you go crazy in a tilbudsrus and buy things on the installment plan," says Ida Marie Moesby, an economist in the Danish Consumer council, Tænk.
Buy on the installment plan, you must not let yourself be seduced by a low interest rate, but ask what the total cost of the credit is.
"A afbetalingsordning with 0% interest can get it to sound as if it is free to borrow the money, but it is not necessarily. A is the interest rate, anything else is the jungle of fees, which you may have to pay," says Ida Marie Moesby, an economist in the Danish Consumer council, Tænk
another thing you must look critically at, is the price of the product, for it can be screwed up when you buy on the installment plan.
"We have seen examples of that the cash price may be higher for a product that you can buy on the installment plan. Therefore, it is always good to do a price check before you shop," says Ida Marie Moesby.
In many ways it is a clever scam, when shops are selling things on hire purchase, in addition they earn much more than what the item costs in themselves, and so lures it is also the people to increase their consumption.
"It allows more customers in the store, because they get people to buy something they genuinely can't afford," says Ida Marie Moesby, an economist in the Danish Consumer council, Tænk.
A study by the Consumer council Think made in collaboration with Trygfonden in 2018, found that the proportion of 18-30-year-olds who have a afbetalingsordning, is increased from five to eight percent.
"hire purchase was the låntype, which had increased the most among the young. The figure may not sound so high, but there are many skyggetal, and it is difficult to get everyone with," says Ida Marie Moesby.
the Consumer council Think has a clear sense that it is not only the young people who are increasingly buying on the installment plan.
"There are more and more online stores and physical stores, where there is the opportunity to buy on the installment plan. In addition, there is a massive marketing afbetalingsordninger," says Ida Marie Moesby
at the same time, consumers are beginning to hunt for an alternative to the expensive payday loans, if they do not have enough money on the card to pay cash.
"even Though it is typically cheaper to buy on the installment plan than to incorporate the payday loans, one should still have in mind that you end up paying a lot more money than if you pay cash," said Ida Marie Moesby.Updated Date: 29 November 2019, 00:00