I am 100% against Marine Depot's new financing options

[WhiskeyCoffee]

We all know that the reef hobby can be very expensive - the sky really is the limit when setting up your new system. We've all been in scenarios where we've wanted something that's just out of our budget and we start thinking about the things we can sell, or how we promise ourselves to be more financially responsible after this purchase. Let's face it - today's younger generation(s) are more financially reckless and impulsive than ever and I don't think it's right for Marine Depot to be encouraging this type of behavior. You can save yourself thousands of dollars just by waiting for the next person to get divorced or get out of the hobby and buy their setups.

Also... If you're going to spend a whole ton of $$ on a purchase why not put that on a real credit card where you not only get protection and rewards like cashback, points, sky miles, etc? I spent $1600 at Lowe's on a new washer and dryer and got 0% interest for 12 months. I didn't even have great credit at the time, it was just a promotion lol.

 

[lambchops]

Welcome to capitalism.... Retailers don't look out for the consumer, they look out for themselves.

 

[Tuffyyyyy]

"Let's face it - today's younger generation(s) are more financially reckless and impulsive than ever and I don't think it's right for Marine Depot to be encouraging this type of behavior."

While I agree with your point, this sentence is unnecessary and inaccurate. 10-30% APR is ridiculous, though.

 

[Reefpharmer]

Let's face it - today's younger generation(s) are more financially reckless and impulsive than ever

Well today's younger generation did not significantly contribute to the housing crisis of 2008 by buying homes which were clearly above their financial means. People are people. It's "en vogue" to say that "today's younger generation" are mental midgets and bums and aren't as ___ as we were back in our day... it has been said by every generation since the stone ages.
(I am not considered today's younger generation, just pointing out the other side )

 

[Flippers4pups]

Speaking of credit, I constantly receive snail mail for credit card offers. Even PayPal hits me all the time about their so called credit through them.

We, as a nation, have just gotten out of one of the darkest periods of credit debacle in US history and with the cost of living increasing at a alarming rates, we are heading downward in the quality of life.

The "must have it now" generations have been given a slice of humble pie with all of this and we all have, and continue to, pay a heavy price for living that way.

I totally agree that financing aquarium related products makes no sense. There are plenty of awesome deals out there on used equipment.

I love marine depot. I have and will continue to purchase from them.

As the OP has made a point, be wise with your money. (If the wife found out I bought "my" stuff for the tank, she'd disown me!)

 

[Lionfish Lair]

I have to agree that I don't care for this option by Marine Depot, but I guess it's their bad choice to make.

I don't have the same opinion of Millenials as you do. Remember whatever they have learned, we have taught them. If you want to think bad about their financial habits, it's MY generation that were the teachers. It's not like we birthed them and kicked them out of the street for them to learn on their own.

Their habits are not as bad as you think...
http://www.huffingtonpost.com/gobankingrates/17-signs-millennials-are_b_10226848.html

 

[WhiskeyCoffee]

"Let's face it - today's younger generation(s) are more financially reckless and impulsive than ever and I don't think it's right for Marine Depot to be encouraging this type of behavior."

While I agree with your point, this sentence is unnecessary and inaccurate. 10-30% APR is ridiculous, though.

My point is, 28 year old me knows what 21 year old me would have done had this type of opportunity been available. There is absolutely no reason someone should use this service if they don't have good enough credit to get a loan through their bank or put it on a credit card. Or, you know... Spend cash?

 

[WhiskeyCoffee]

I have to agree that I don't care for this option by Marine Depot. I don't have the same opinion of Millenials as you do. Remember whatever they have learned, we have taught them. If you want to think bad about their financial habits, it's MY generation that were the teachers. It's not like we birthed them and kicked them out of the street for them to learn on their own.

http://www.huffingtonpost.com/gobankingrates/17-signs-millennials-are_b_10226848.html

True, I don't mean to be so harsh on millennials (technically, even I count as a millennial at 28 yrs old) but my parents NEVER financed anything or used credit cards except for necessary purchases that they couldn't afford right away and a few recurring bills. Either way the goal was always to pay it down as fast as possible, not extend the payments out as long as they could. That's throwing away money.

 

[ECOKid]

Im 23 years old, and luckily ive defied what Whiskey said. That being said, I cannot speak for the rest of my generation. When I seen marinedepot had a credit card, i took a slight offense because its most likely aimed at the younger, weaker generation. If you need a credit card for the saltwater hobby, you probably have bigger fish to fry than to be thinking about a reeftank. Im not saying you have to be rich to be in the hobby(becsuse like said, theres a TON of used deals on the internet). But this hobby does require aloy of dispposable income, so a credit card might be a sign to dial back on the hobby. Just my opinion. But again; im 23, and the idea of a marine depot credit card didnt even cross my mind. Even after receiving the email from them saying all the expensive stuff u can buy for a set amount a month.

 

[Lionfish Lair]

True, I don't mean to be so harsh on millennials (technically, even I count as a millennial at 28 yrs old) but my parents NEVER financed anything or used credit cards except for necessary purchases that they couldn't afford right away and a few recurring bills. Either way the goal was always to pay it down as fast as possible, not extend the payments out as long as they could. That's throwing away money.

That's the right way to use credit cards, but I think we can agree all generations have their issues. @Reefpharmer statement shows that, as it's exactly what happened with 2008.

Perhaps the message would be better received if you made a statement about this being a bad deal and didn't poke at any one generation in particular.

 

[WhiskeyCoffee]

That's the right way to use credit cards, but I think we can agree all generations have their issues. @Reefpharmer statement shows that, as it's exactly what happened with 2008.

Perhaps the message would be better received if you made a statement about this being a bad deal and didn't poke at any one generation in particular.

Ok, I can agree with that - too bad I can't go back and edit my post. :s I will say though, that the majority of my peers will finance just about anything and everything and have a huge imbalance in their debt/income ratio. That obviously could be indicative of any number of problems but when I see them burn cash the way they do, well...

 

[Lionfish Lair]

Ok, I can agree with that - too bad I can't go back and edit my post. :s

Perhaps buy a Reef2Reef membership with all that Millennial money and then you can edit. LOL!

 

[BoomCorals]

Welcome to capitalism.... Retailers don't look out for the consumer, they look out for themselves.

And in a free market the people decide how to spend money or support a business. Don't like it, don't use it.

 

[125mph]

Most financing options at bike stores and other retailers are lame.! I rather earn 50k bonus points and get an airline card or something like chase ink, or get a low ape card. So yes the marine depot financing is lame.

What ape are they charging?

 

[Reef Pets]

I don't see it being any different than putting it on a credit card which if you are buying online it's going on a card of some form. If it's not a bank/paypal card then it's a credit card. Most credit cards have an APR of 20%+.. I don't see a reason to work against Marine Depot no more than Visa or MasterCard.
Yes it's possible to get a tank that someone is taking down but this hobby is a want and not a need, what's the chances of finding someone local that is taking down a tank that's exactly what you want?

We can't really throw divorce in the mix and wait around for someones ruined life to get a good price on a tank and think that's ok while Marine Depot offers a credit option and shame them..

 

[WhiskeyCoffee]

Most financing options at bike stores and other retailers are lame.! I rather earn 50k bonus points and get an airline card or something like chase ink, or get a low ape card. So yes the marine depot financing is lame.

What ape are they charging?

10 - 30%

I don't see it being any different than putting it on a credit card which if you are buying online it's going on a card of some form. If it's not a bank/paypal card then it's a credit card. Most credit cards have an APR of 20%+.. I don't see a reason to work against Marine Depot no more than Visa or MasterCard.
Yes it's possible to get a tank that someone is taking down but this hobby is a want and not a need, what's the chances of finding someone local that is taking down a tank that's exactly what you want?

We can't really throw divorce in the mix and wait around for someones ruined life to get a good price on a tank and think that's ok while Marine Depot offers a credit option and shame them..

What's the difference between Affirm and a credit card? Well, for one many credit companies offer lower interest rates as well as warranties and fraud protection on purchases. I remember I called my credit card company and complained because a website billed me for three months after I cancelled my membership. She put me on a party line and I listened to her rip the customer service person a new one and demand that I be refunded my money before they file a complaint. I bet Affirm won't do that for you. My mom has flown across the country numerous times for free because she puts large purchases on her Sky Miles card then pays them off immediately. My dad does the same with his Cabela's card and every year uses his reward points towards free stuff.

Advocating for Affirm is like telling someone to buy furniture from Aaron's or Rent-A-Center. They cater towards people who have little/no credit and use that to their advantage. There is no 'reward' when paying 30% APR for an aquarium.

 

[Valkyrie]

Really?
You think it's a bad idea?
Just because someone else might not be responsible enough to handle it? Why should I be denied the opportunity to make payments on an aquarium set up because someone else doesn't know how to handle their own finances? Not my circus, not my monkeys. Right now I can't use the offer because I am paying off an emergency dog surgery (no interest Care Credit) and a new hot water heater. In the meantime maybe I'll get lucky and find that 60g Cube, for cheap, that I want so badly. I scan Craigslist and several FB pages regularly for one.
I suck at SAVING money. Yet I can budget my finances and figure out how to make payments on something and pay the least amount of interest as possible, if any at all!! Some people, like my husband can, throw $100 in a jar or a savings account. I can't, it's still ear marked for something but for some reason I can't commit to saving it only paying it. If I get offered no interest then I'll bend over backwards to pay it before the interested due date.
Why can I do this instead of just saving the money? Ya got me! I've tried to convince myself that it would be better, but still I look at my BB8 piggy bank for my Leach Treadle Wheel and my Minion piggy bank for a Tamaskan (neither reef related) and I have to force my hand to drop the money into it! LOL
My husband, on the other hand, can save money like crazy and he's saving up for a 180g without any trouble. Bet he'll have his before I get mine.

 

[Salty1962]

I took over a year to get my current tank built. I made my list up and waited for sales and people selling used equipment. We live in an Instant Gratification world now. We can only give people our best advice to help them not fall into the money pit of this hobby. Temptation to have the best is so great and vendors are always trying to figure out ways to maintain profitability.
Best advice I can give is to; GO SLOW, figure out your budget and stick with it! Read, Read, Read and ask a thousand questions. Enjoy the beauty of this great hobby! JMO

 

[Iballhog]

I had mixed feelings when I seen this, but the depot is doing what all other retailers are doing. I'm waiting now for someone to list a tank for sale saying just take over my payment.

 

[BigKid4788]

I 100% disagree. We always find someone else to blame. People blamed banks for the housing crisis. If you have a calculator, you can figure out what you can/cannot afford. People blame casinos when someone loses their house because of a gambling problem. Let's take responsibility for our own actions good and bad.