Apple’s ‘Special’ Financing is Special Alright!
Just went on Apple’s web store to see about lead times for shipping the new iPhone 6. When I clicked to check financing options, this “Limited time offer” appeared.
Check out the paragraph below the “Apply Now” button where it states:
The purchase APR will be 22.99% or 26.99% variable, based on your creditworthiness.
Those are interest rates that a mobster named Lenny-the-kneecapper would love, no doubt. If you choose one of these payment options and miss one payment or are late, the interest rates kick in. It simply is a bad option and why so many people get in to debt with interest rates that mean you end up paying double, triple or more for a device like this one.