Thursday, April 15, 2010

12 Months Interest Free

It was one year ago this month that I bought Becca’s engagement ring. It certainly was not cheap but in the “worlds eyes” it was probably just a drop in the bucket. This was easily the biggest purchase I had ever made and I needed to finance the ring because I obviously did not have the money to pay for it up front. Now there is something you need to know about me, I HATE debt. I never had a credit card all through college and I operated on the theory that may seem crazy but if I didn’t have the money for something I didn’t buy it. I know shocking! I just hate the idea of owing money that I don’t have. So it would seem odd that I would finance an entire engagement ring. However, in this situation the extremely generous people at Kay Jewelers are just so kind [sarcasm] that they are willing to giving you 12 months interest free! Obviously there is quite a bit of fine print in this deal. The thing most people fail to realize in a situation like this is if I missed a payment, was late on a payment, or failed to pay my minimum payment the friendly folks at Kay would then apply interest to the account at 22% and also apply the interest to principal already paid! Great deal for them because odds are a 22 year old buying a ring in the middle of a recession will slip up once over 12 months. Well luckily I never did and as of today April 15, 2010 I am no longer in debt with Kay Jewelers and because I never messed up I did not pay one cent of interest on a several thousand dollar purchase! Like I said I HATE debt but I LOVE an interest free loan even more! Sorry Kay you couldn’t make 22% off this guy but something tells me you are doing just fine.

*Though I poke fun at the people at Kay they actually have been amazing to work with and the people in their store are really awesome! Sure they work on commission but just learn to say no thanks to what you do not need and you’ll have a great experience.

Here is a picture of both of our rings from our wedding both furnished by Kay. Mine was a bit cheaper!

Photo by Love is Greater Photo

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