Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CUNA expert to IPC WorldI Avoid HDTV 0 financing
SAN FRANCISCO (12/13/07)--Consumers thinking about buying a high-definition television (HDTV) under a 0% financing or a retail store credit card deal during the holidays should think again, according to Jim Hanson, vice president of the Credit Union National Association’s Center for Personal Finance. Hanson was interviewed by PC World for an article published Dec. 11 about HDTV buying tips. The article stated that many retail stores offer deals on HDTVs over the holidays. Hanson suggested that most people should avoid store gimmicks--such as 0% financing or a certain percentage off when opening a retail store credit card. Store credit cards have low limits and high fees, Hanson said. Consumers interested in buying high-priced items should look into low-interest credit cards from a credit union. “It boils down to simple elementary advice that never changes,” Hanson told PC World. “Cash is always best. If you need a special promotion to buy an HDTV, you can’t afford it.” Lynnette Khalfani-Cox, author of Zero Debt for College Grads, echoed Hanson’s thoughts. People who qualify for 0% financing often think they can afford to buy expensive items, but credit card companies do not look out for consumers’ best interests, she told the magazine. Also, some consumers are required to pay interest if they can’t pay off an HDTV during a promotional period, she said.
Other Resources

RSS print
News Now LiveWire
.@TheNCUA open board meeting starts at 10 a.m. ET tomorrow. It is board member J. Mark McWatters' first. Watch @NewsNowLiveWire
12 hours ago
.@CFPB is proposing to oversee larger nonbank auto finance companies for the first time at the federal level.
12 hours ago
.@CUNA's Bill Hampel moderates a discussion on the future of credit unions in the post-100 million member world. http://t.co/kcXykiRQVn
15 hours ago
#Breaking: QE likely to end next month, @federalreserve says #NewsNow #Market http://t.co/u7Fb5l5fwM
15 hours ago
.@Experian study confirms that building a credit history is beneficial to financial marginalized communities. 64M are "credit invisibles"
15 hours ago