My little brother was very excited about his first purchase made on a credit card — a 40″ HDTV.
Considering that he just finished college…with student loan debt…and not making all that much money with his job, this is quite an extravagant purchase.
I talked to him about it and he doesn’t think it’s a big deal.
Actually, he thinks he got a good deal…zero percent interest for 12 months. He told me he plans to pay it of at $65 a month for the next 12 months.
I was quite impressed that he thought this through enough to tell me how he is planning to pay it off without paying a cent in interest — good for him. I would have been more impressed if he had started putting a little away each month in his saving account for the purchase.
My concern is that he won’t stop here and start piling on more charges on the credit card. After all, this is how most people get in trouble with credit cards!
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