Get It NOW!

Tools

By Holly Zuluaga

Story Published: Mar 28, 2009 at 6:18 PM PDT

WA STATE-- Getting what you want when you want it can have its perks, furniture stores, and other retailers like Best Buy offer interest free financing.

You've heard the pitch, get it now, and don't pay any interest for a year.

"The clients that take advantage of interest free financing has gone up, just because of the fact that you know times are a little hard right now and if someone will give you the option to pay it off within a year and no interest people like to take advantage of that," Luis Estreda said.

However, financial experts warn you can get yourself in trouble.

What most people don't realize is if you're late on a payment or don't pay it off in time, you'll get slapped with high interest rates.

"All of a sudden, you're paying interest for the last 12 months, and if you look they usually have a state interest rate that is very high," Mike Tallman said.

Another trap when you're trying to satisfy that now need, cash machines, they're everywhere, we all know the ATM charges us immediately but the ATM isn't the only one charging you

"If there are transaction fees back at your bank, a lot of times you won't see that until you get your monthly statement," Tallman said.

Simply planning a trip to your bank, or getting cash back at the store can cut that cost, so you're not surprised.

"When it's too good to be true, you really have to look," Laurie Tufford said.

Airfare is another trap when you need it now...it's advertised for $99 each way, but that cheap ticket can add up when you tack on taxes, luggage, and seat assignments, the deeper you go, that ticket will cost you much more than you bargained for.

"A lot of people feel obligated once they get so far in the transaction not to back out," Laurie Tufford said.

It's tough when money is tight not to be swayed by getting what you need right away, at a good price, but take a step back, read the fine print, and make sure you're not getting trapped.

Upload directly from your mobile device.

Learn how

YouNews

This content requires the latest Adobe Flash Player and a browser with JavaScript enabled. Click here for a free download of the latest Adobe Flash Player.

On Demand

Stay Connected