(Closed) “Going into debt for a ring” Why financing isn’t always the devil

posted 7 years ago in Rings
  • poll: Did you finance all or part of your e-ring?
    Yes : (44 votes)
    28 %
    No : (115 votes)
    72 %
  • Post # 3
    1136 posts
    Bumble bee

    nope. I’m buying FI’s ring with cash 

    Post # 4
    5296 posts
    Bee Keeper
    • Wedding: January 1993

    @sixta: Hmmmm, we paid cash for ours but I’m guessing (and I could be wrong) that other Bees are talking about not having the money to buy a ring in the first place. It sounds like you were already able to buy and afford the ring you wanted and just chose to finance it and be able to still earn interest, points, etc. That’s differnet from not having 10k in the first place and still going into to debt to buy a 10k ring. To me that is WAAAAYY riskier than what you and your Darling Husband did. To each their own, but I never, ever, finance – I’m sure it’s a sound choice for other people. I’m just so paranoid about money, I just hate having debt and will just wait until I can pay for the whole thing at once.

    Post # 5
    5993 posts
    Bee Keeper
    • Wedding: May 2010

    we have used the zero interest deals a few times – mainly to maintain our credit rating as both hubby and i have no debt

    we paid cash for my ering but we did use a 0% interest deal for the 65″ flat screen and custom made high back leather fully reclining cinema seats with cup holders that hubby “had” to have (and yes im rolling my eyes)

    interst free deals are good IF you pay off the entire balance before the due date and dont get caught by the fine print

    Post # 6
    7293 posts
    Busy Beekeeper
    • Wedding: October 2011

    @hisgoosiegirl: agreed. I have mentioned its not worth going into debt for certain bees depending on the financial situation.


    @sixta: I’m new to the whole credit cards and payment options things, so I appreciate you shedding light on the situation. What you say makes great sense!

    Post # 7
    1944 posts
    Buzzing bee
    • Wedding: June 2009

    Nope. I truely do understand your point of view and I get it. However the flaws with big purchases like that on credit cards, many get into trouble bc they either think well I’ll pay more next month and skimp on the payment now or something does happen and they can’t make the payments in time before the interest does hit. For us there was a separate fund and we still do that with large purchases like travel etc. Our emergency savings is just for that, emergencys. We don’t use it for recreational purchases. So Darling Husband ring fund was entirely separate.

    Post # 8
    3788 posts
    Honey bee
    • Wedding: July 2011

    I think there is a difference between using credit when you could immediately pay it off and using credit because you need to. I agree with you — we did the same for my band (paid e-ring and Darling Husband band in cash). I could have paid it up front, but we chose to put it on a credit card for the rewards. And I paid the entire balance before the statement was due. I don’t think that’s a big deal. I think people caution against credit because some use it to live above their means. If I couldn’t have afforded my entire ring at once, I wouldn’t have bought it, but some would use it to have the lower monthly payments than the lump sum, and it’s those cases who wouldn’t have the cold hard cash in case of some disaster who shouldn’t be using credit. And yes I say shouldn’t as if I’m telling people how to live their lives; I’m not. Do whatever you want. I just don’t think it’s wise.

    Post # 9
    14344 posts
    Honey Beekeeper
    • Wedding: June 2011

    0% finiancing wasnt an option, so he paid it off in full.  If you are financing but have the cash for it on hand, but choose to leave the cash in investments, then I dont really consider it “debt”.  If we had the option to finance that way, we certainly would have. 

    Post # 10
    11395 posts
    Sugar Beekeeper
    • Wedding: December 2010

    No, we paid cash for my engagement ring & both our wedding bands. But I DO see why some bee’s finance. It builds up credit which is a great thing as long as you can make the payments! 🙂 Its whatever each couple wants to do. I don’t think its crazy to finance a ring. We just didn’t.

    Post # 11
    1993 posts
    Buzzing bee
    • Wedding: May 2011

    @hisgoosiegirl:  Yes, Darling Husband was the same way…My ering was over the 10K mark, similar to OP, but Dh hates having debt at all, so he put it on his cc to get the points, and then paid it off before the bill was due so there was no interest.  At the time, I didn’t understand it all, but since we’ve merged bank accounts and credit cards, I have his perspective which is, put it on the credit card and then pay it off before the bill is due so we get the points (redeemable for cash) and pay it off before the bill is due.  Usually credit cards that have rewards/points have higher interest rates, but our general policy now is to get the points, and blow the interest off.  

    So as long as you pay it off before the bill is due, and especially if you get points or rewards, Cha-ching!  Charge it:)

    Post # 12
    1458 posts
    Bumble bee
    • Wedding: January 2015

    That’s great that you used the financing to your advantage, but I think the vast majority of people who choose to finance do so because they cannot afford to pay off the ring in cash, so they do not pay it off in the year of 0% interest, and don’t utilize all the other perks effectively.  Then they end up paying for a ring with 20% interest for years to come.

    Post # 13
    2550 posts
    Sugar bee
    • Wedding: July 2011

    We’re both in our 40s and wedding bands are perfect for us.  I’m not a jewelry person so financing a ring didn’t make sense for us.

    Post # 15
    1501 posts
    Bumble bee
    • Wedding: September 2011

    @jholler25: I try to do this whenever possible. Getting the points is awesome and as long as I know the money is in the bank to pay for it.

    Post # 16
    4803 posts
    Honey bee
    • Wedding: September 2011

    Bank interest rates just aren’t worth enough to do this, we paid cash.

    The topic ‘“Going into debt for a ring” Why financing isn’t always the devil’ is closed to new replies.

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