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

[120reefkeeper]

I'll make this really brief.

Horrible idea!

 

[donnievaz]

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...

It's not just your peers or millennials. I'm 52 and can't begin to tell you how many people I've known over the years that have overextended themselves beyond belief. Mostly in a futile attempt to appear much more well off than they really were. It's pathetic really. That being said, it's none of my business how some fool wants to part with his money.

 

[Lowell Lemon]

You are absolutly correct about Affirm being a preditory lending agency that practices usury which is illegal at some levels and immoral at all levels. They prey on people who cannot afford the purchase in the first place and end up at Pay Day Loan centers just to keep the power on in their rentals. I see many of these individuals each week through a community service my wife and I volunteer for. It is sad and makes me a little angry. One of the local rent to own companies owners lives in our town and has a staffed limosine just for dinner and drinking, new Corvette, Aston Martin and assorted other toys as well as multiple homes. His fortune is built off the knowledge that he can depend on people who cannot buy elsewhere to buy from him at huge interest rates. It is his right and the consumers right but it is wrong on so many levels.

Lets face some facts about the Aquarium industry. We in the industry know that the average customer will only keep their aquarium for a year or less. At that point it will end up in a yard sale, online sales post, or just get hauled to the dump. As such several years ago the industry printed information that was sent to industry insiders about this trend. The industry was looking for ways to attract new customers and retain the customers it has already. THIS IS A HOBBY. That should be a major wake up to the value of any used equipment. It is like buying a new motorcycle made for off road use only...the value drops like a stone as soon as it rolls off the showroom floor. Same is true with any aquarium equipment. You have a limited number of buyers scattered around the globe and there are lots of opportunity to buy cheap.

Save, plan, and buy what you can afford not what you 'want' and life is better. Buy quality and not quanity...wait a couple of years to see it the latest technology proves itself worthy of the hype. Take it from someone who spent years persuing the dream and the debts in the Aquarium industry. I now have a business and not a hobby and that is a big difference.

By the way success in the Hobby takes patience and study. It should be the same in your purchase decisions. Nothing good happens in a hurry in this Hobby...ever.

I wish you all the best as you make choices today that can affect tomorrow.

 

[Reef Pets]

I just keep thinking how ironic it is that this thread is absolutely GREAT publicity for Marine Depot and their new financing program...even if that wasn't the threads intent. In fact, I kind of wonder how many people weren't even aware of the financing option (like me) until they saw this thread.

My take on it is pretty much identical to everything that Gary (@Reef Pets) has said already. This financing option is no different than putting the items on a credit card, and for the most part, this thread has not fairly compared apples to apples, but instead generally gives the best possible image of credit cards (generally discussing credit cards as if they all offer points systems, assuming that all points systems are actually good deals, giving best possible APR for credit cards in the discussion...) while making faulty assumptions about Affirm (such as assuming they offer no fraud protection...which they do and discussing their credit rates based on the highest end of their range). I'm not going to encourage anyone to go take out a loan to get a reef tank, but I'm thankful we all have the freedom to do so. I also can't fault Marine Depot for finding ways to allow their customers to purchase their products...that's just good business sense.

Agree 100%

 

[Vu Nguyen]

Just apply for a credit card with 12 months no interest and use to buy from anywhere to upgrade your reef tank.

 

[brandon429]

I worked in mortgage lending 2001-2009 for a typical bank offering typical tempting rates of the day back then. we couldn't shake the applicants off with a stick for second mortgages, we solicited nobody they called us in droves

2009-2012 I worked (post collapse) for a high interest rate lender, still for a major bank, but this time offering what people would consider roadside robbery in interest rates. 15% mortgage rates. 40% on personal loans, what most here would consider the bad side of lending but in comparing the two this became my take:

credit needs still persist regardless of how good your credit is, because you can't make res publica hold a savings acct for love nor money 80-% of us just wont save which is why we've had feed the pig commercials for ten yrs now. High rates are indeed not evil, nor the lenders, says customer X who didn't save or couldn't save and had a 510 fico, and we still payed her car repairs that allowed her to go to work and then pay us back x10 fold for the repair. Our choices and life events out of our control put us in the financial windows we shop through, and without high interest rate lenders a giant portion of the previous 2nd mortgage customers who bought pools for fun wouldn't have a way to repair their cars.

I don't think the marinedepot offer is bad, my amazon rate aint much better. I see it as an APR cost of building up ones credit again, so the 4% options come into play some day if that savings acct wasn't bulked up beforehand. when I was building back my own credit, I carried debts on purpose for a couple years to build things back up, and that all started with a high interest rate loan I took out for a grand and then took 24 mos to pay back, w huge interest. I hold no bad will for that lender, but I thank him now because I don't shop in that window any more, for now. my savings aint too hot, need to bulk that bad boy. im res publica

 

[joseserrano]

Marine depot use to offer bill me later, which I believe was through paypal. So this isn't really new. We are a community and can help each other, but we are not peoples keepers. How many threads are there of how to fix hair algae issues, yet people will still post, "how do I get rid of hair algae". Information is out there regarding good and bad financial decisions, but its up to the person to investigate and research.

 

[revhtree]

If I comment I'll get accused of "looking out" for a sponsor...

Did I just reply? LOL!

But you're all welcome to your opinions! I love your opinions BTW. May not agree with them but that's what makes us who we are! A bunch of reef loving misfits!

 

[d2mini]

This gets filed under the "i couldn't care less" tab.
Doesn't concern me, and if you can't manage your own finances, not my problem.

 

[Slm222]

I think I heard a statistic today that most older generation (~50%) was carrying an excessive debt compared to millenials.

 

[d2mini]

I think I heard a statistic today that most older generation (~50%) was carrying an excessive debt compared to millenials.

I'd believe that.
Many I know don't care about cars and other high ticket items. Opting to just uber, use Air BnB when traveling, etc.
Weirdos. ;Shifty

 

[WhiskeyCoffee]

You are absolutly correct about Affirm being a preditory lending agency that practices usury which is illegal at some levels and immoral at all levels. They prey on people who cannot afford the purchase in the first place and end up at Pay Day Loan centers just to keep the power on in their rentals. I see many of these individuals each week through a community service my wife and I volunteer for. It is sad and makes me a little angry. One of the local rent to own companies owners lives in our town and has a staffed limosine just for dinner and drinking, new Corvette, Aston Martin and assorted other toys as well as multiple homes. His fortune is built off the knowledge that he can depend on people who cannot buy elsewhere to buy from him at huge interest rates. It is his right and the consumers right but it is wrong on so many levels.

Lets face some facts about the Aquarium industry. We in the industry know that the average customer will only keep their aquarium for a year or less. At that point it will end up in a yard sale, online sales post, or just get hauled to the dump. As such several years ago the industry printed information that was sent to industry insiders about this trend. The industry was looking for ways to attract new customers and retain the customers it has already. THIS IS A HOBBY. That should be a major wake up to the value of any used equipment. It is like buying a new motorcycle made for off road use only...the value drops like a stone as soon as it rolls off the showroom floor. Same is true with any aquarium equipment. You have a limited number of buyers scattered around the globe and there are lots of opportunity to buy cheap.

Save, plan, and buy what you can afford not what you 'want' and life is better. Buy quality and not quanity...wait a couple of years to see it the latest technology proves itself worthy of the hype. Take it from someone who spent years persuing the dream and the debts in the Aquarium industry. I now have a business and not a hobby and that is a big difference.

By the way success in the Hobby takes patience and study. It should be the same in your purchase decisions. Nothing good happens in a hurry in this Hobby...ever.

I wish you all the best as you make choices today that can affect tomorrow.

You pretty much said everything I wanted to say, just a lot more well thought out.

 

[WhiskeyCoffee]

Let's see how long this thread stays around now they we have a visitor in the thread!

 

[hybridazn]

I'm not sure why some ppl are in an uproar over this. A few years back drs foster and Smith offered the "bill me later" option which in essence is the same thing as this.

I see nothing wrong with this idea as long as the ppl who use it are financially responsible about it (like most ppl are) and crying foul on a good business practice is borderline shameful. This is no different than buying a car or a small personal loan to fix/get something done.

 

[WhiskeyCoffee]

I see nothing wrong with this idea as long as the ppl who use it are financially responsible about it (like most ppl are) and crying foul on a good business practice is borderline shameful. This is no different than buying a car or a small personal loan to fix/get something done.

Most people are financially responsible? Actually many people on here admit to intentionally hiding the cost of their reefs from their spouses, and then you have that pesky study that revealed that 25% of people can't pay their bills on time.^[1]

[Edit] Here's another article saying 31% of Americans are having trouble keeping up with their basic living expenses, with close to half of Americans saying they wouldn't be able to afford a $400 emergency. ^[2]

• [1] https://www.nerdwallet.com/blog/finance/paying-bills-time-survey-shows-bad/
• [2] https://www.fool.com/retirement/2016/10/09/guess-how-many-americans-struggle-to-pay-their-bil.aspx

 

[brandon429]

I hear drones cause a large portion of the unsaving, particularly in men also possibly unbeknownst to wives and g's. I have only read that, im not addicted to buying drones at all to the point id rather have a mavic than most important consumables

 

[120reefkeeper]

I love that my comment made the headlines! Lol

Seriously though I guess I should explain myself a little more. I said horrible idea.... not a horrible idea for Marinedepot to add this option, just a horrible idea to use it. IMHO.

I'm a believer of spending what you can afford not what you think you can pay back.

 

[revhtree]

Let's see how long this thread stays around now they we have a visitor in the thread!

It will stay... No one has anything to hide.

 

[hybridazn]

Most people are financially responsible? Actually many people on here admit to intentionally hiding the cost of their reefs from their spouses, and then you have that pesky study that revealed that 25% of people can't pay their bills on time.^[1]

• [1] https://www.nerdwallet.com/blog/finance/paying-bills-time-survey-shows-bad/

What does hiding costs have to do with being financially responsible?

So your talking about a minority of the population that can't pay their bills, again if this percentage of the population cannot pay their current bills on time I highly doubt they will be taking out another loan to set up a reef tank.

I understand where you are trying to come from, but your stance seems to be a tad on the harsh side.

 

[WhiskeyCoffee]

I'm a believer of spending what you can afford not what you think you can pay back.

And that's all I'm saying. There are MANY ways to enjoy this hobby without selling an arm or a leg, or remortgaging your house. I'd like to see retailers working with manufacturers to drive prices down rather than colluding with loan companies on how to get people to stretch their budgets.

What does hiding costs have to do with being financially responsible?

So your talking about a minority of the population that can't pay their bills, again if this percentage of the population cannot pay their current bills on time I highly doubt they will be taking out another loan to set up a reef tank.

I understand where you are trying to come from, but your stance seems to be a tad on the harsh side.

If you think lying to your spouse about how much your hobby costs isn't financially and morally irresponsible then I got nothing else to say to you. XD