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

posted 9 years ago in Rings
  • poll: Did you finance all or part of your e-ring?

    Yes

    No

  • Post # 62
    Member
    629 posts
    Busy bee
    • Wedding: April 2012

    I have no idea how my FH paid for my ring! He tends to buy everything with his credit card and pay it off by the end of the month, to get airline points, so I assume that’s what he did this time, too. But it was a gift and not really my business! 🙂  That said, I agree with PPs; many people finance things that they simply cannot afford, and then deal with high interest rates and stress when they can’t afford to pay the bills.  An e-ring should be about happiness and love, not about worry and stress.  So if you are in a position to finance it with 0% interest and benefit in the process, I think that’s awesome. But if your eyes are bigger than your wallet, stick to what you can buy outright.

    Post # 63
    Member
    10713 posts
    Sugar Beekeeper
    • Wedding: June 2012

    Fi put all 3 of our rings on his store card… We need to build credit and thought this was a good start. We didn’t have money laying around for my engagement ring either… We’ll be paying it off for a while but that’s okay with both of us.

    Post # 64
    Member
    1458 posts
    Bumble bee
    • Wedding: October 2012

    I totally agree with financing. SO doesn’t have the greatest credit, so I cosigned with him for a 6 month 0% interest credit card through the jeweler. He paid the deposit in cash, and it just makes sense to finance the rest. First off, it helps SO’s credit score a lot. Second, why not spread out the payments even though we have the money? It will definitely be paid in full, so we will not be paying any additional fees. 

    Post # 65
    Member
    15017 posts
    Honey Beekeeper
    • Wedding: June 2011

    View original reply
    @MissGreen: Interesting, I’ve never heard of a card that charges daily financing.  So if the card charges daily financing you basically have to pay it the day you make the charge to avoid it??  The only time I’ve heard of that is if you make a cash advance on the card.

    Post # 66
    Member
    193 posts
    Blushing bee
    • Wedding: May 2012

    Nope. Fiance and I HATE knowing that we owe money on stuff. He just saved up until he had enough to buy my ring in cash. We did the same with our used cars, etc. It just works for us. We’re pretty simple people anyways.

    Post # 67
    Member
    5110 posts
    Bee Keeper
    • Wedding: November 2011

    Fiance and I financed. It was great. We also go 0% intrest for a year. We made our payments, while not taking a giant chunk out of our account. We even paid it off a few months early. It was a nice way to build FI’s credit a bit more and able to spread out our payments with no interest. It was a good decision for us. I dont think it would be good for everyone but it worked for us.

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