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

[Jedi1199]

Since we are on the topic of financial responsibility.. Let me add this... (again, this is personal experience)

Avoid big banks!!! Chase, BofA, Wells Fargo Ect Ect. Join a credit union! Big banks have exorbitant fees and requirements that Credit Unions generally don't. If your bank charges you for a checking account, do the math... $10/mo for 12 months is $120 per year for the "Privilege" of allowing them to hold YOUR money! Consider this, many big banks charge a fee to use your debit card for "point of sale" purchases and almost all of them charge for non-affiliated ATM withdrawals. Be aware of HOW your money is being spent! What the fees are from your bank, and how to best avoid such unnecessary money sinks. That monthly bank fee could have been that nice coral piece you wanted!!

 

[Jedi1199]

I agree that small purchases add up and cc companies prey on folks that dont pay up, but over a 5 year period of occasional Chinese take out, you won’t break the bank. It’s like saying that young folks could be out buying houses if it weren’t for that avocado toast and owning an iPhone. I’d say get a side of egg rolls. If you’re in the realm of buying a home, you probably know how to budget your money. It’s a major purchase. If you can’t manage small credit card purchases, you’re not going to get to the point of buying a home. It’s like financial advice from someone who thinks you need a picture ID to buy groceries.
$25/monthx12mos=300/yr x 5 yrs= $1500 bucks. That Chinese food is far more likely to affect 1 month of rent over that period of time than your down payment on a home. Home ownership is not in everyone’s grasp and it only gets further away at the pace the US is moving. Good for you for keeping those tight purse strings, though. To each his own.

I absolutely whole heartedly disagree. 1 late payment will affect your credit score for up to 7 years. When it comes time to buy a home, your credit score is the FIRST thing creditors look at. late payments or non-payments have a HUGE impact on your credit score. This could be the difference between paying 7% and 3.5% interest on a home loan.

Simple math: $200,000 loan over 30 years (with 20% down, and here's the part nobody realizes.. 20% barely covers the closing costs) at 7% = Are you ready for this? $383,214.24!!!

Same house, same loan @ 3.5%... $258,649.74

Are those egg rolls worth $125,000?

Think about it

 

[CubsFan]

I absolutely whole heartedly disagree. 1 late payment will affect your credit score for up to 7 years. When it comes time to buy a home, your credit score is the difference between paying 7% and 3.5% interest on a home loan.

Simple math: $200,000 loan over 30 years (with 20% down, and here's the part nobody realizes.. 20% barely covers the closing costs) at 7% = Are you ready for this? $383,214.24!!!

Same house, same loan @ 3.5%... $258,649.74

Are those egg rolls worth $125,000?

Think about it

Thought about it and laughed.

 

[RobB'z Reef]

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.

So you're complaining about their give you free money policy?

 

[Jedi1199]

Thought about it and laughed.

Shrug.. then you are a prime target for wasting a s***ton of money...

good luck

 

[CubsFan]

Shrug.. then you are a prime target for wasting a s***ton of money...

good luck

Wasted? I got egg rolls + extra soy sauce and hot mustard packets. They just throw them in. Suckers. Top of the world, Ma!!!

 

[chrisgold]

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.

i cant believe someone would take the time to care. Sounds like someone had the bailiffs knocking ay ur door for the ipad ya kid ticked n cudnt afford

 

[Thaxxx]

I absolutely whole heartedly disagree. 1 late payment will affect your credit score for up to 7 years. When it comes time to buy a home, your credit score is the FIRST thing creditors look at. late payments or non-payments have a HUGE impact on your credit score. This could be the difference between paying 7% and 3.5% interest on a home loan.

Simple math: $200,000 loan over 30 years (with 20% down, and here's the part nobody realizes.. 20% barely covers the closing costs) at 7% = Are you ready for this? $383,214.24!!!

Same house, same loan @ 3.5%... $258,649.74

Are those egg rolls worth $125,000?

Think about it

Thank you "Save" Dave Ramsey