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.
About Steve Borsch
Connecting the Dots Podcast
Podcasting hit the mainstream in July of 2005 when Apple added podcast show support within iTunes. I'd seen this coming so started podcasting in May of 2005 and kept going until August of 2007. Unfortunately was never 'discovered' by national broadcasters, but made a delightfully large number of connections with people all over the world because of these shows. Click here to view the archive of my podcast posts.