Shop now, pay later. Tempting, eh? Especially if you badly need this certain item and that you don't have enough cash with you. Honestly, I don't know about catalog credit, or even heard about it before. But after reading and a little bit of researching, I think that it's not that bad after all. And for those of you who haven't heard of it, here are some of the facts you might want to know.
So, what is Catalogue Credit?
It is basically a way of buying goods, usually by post, and with the payments divided into weekly or monthly installments. It's like layaway, but you will have the goods already, compared to layaway that you have to complete all the payment before you can get the products or goods that you purchased.
Also, you can get your own catalogues or buy from an agent. Catalogue credit is often referred to as a"shopping account" or as some called,"purchased on account".
How does Catalogue Credit works?
It is actually pretty simple, catalog credit is the same as credit cards. You purchased an item, you prefer to pay on installment, then you'll pay it over a period of time. However, despite the same concept, catalog credit is almost 10% expensive than credit cards. There are also, of course, interest-free items. Or if you have a bad credit catalog rating, there are catalogues who doesn't do a credit check.
Paying your catalog credit is the same as paying loans. A typical repayment period might be one or two years.
Two thing why Catalogue Credit is a good idea
* When you pay off an interest-free period credit on time, your credit is free!
* Catalogue credit is more affordable way of paying necessary items.
Just remember not to miss a single payment because it will cost you more. And while interest-free period is really tempting, think first whether you really need the item or not, you don't want to end up delaying your repayment which will definitely cost you double the worth of the items.