CARE CREDIT - GE MONEY BANK FINANCE CHARGES RIP OFF El Paso Texas

Whenever you have an interest free period, the loan agreement normally specifies the date that you must have your balance paid in full before RETROACTIVE interest is billed. RETROACTIVE meaning interest accrued since the loan was originated. There is no ripoff, it is all in your loan contract. If the balance wasn't paid, you would owe the full amount of interest as if you never had the interest free period. That is what the incentive for those types of loans are.

Too many ignore the fact that interest free deals usually will add the interest back in retroactively....

#1 best way to handle it is to take the debt that is free and divide it by the # of pay periods needed to pay it off before duedate.

In my own case I have a $1500 chiropratic deal that I have 12 months at zero% to pay it... Since I billpay most things weekly, I have 52 payments to pay $1500 and usually try to beat the due by 1-3 weeks.

so $1500/50 = $30 per week.... very easy.
But then gemoney has a automatic payment plan that I usually iniitate so I end up paying it off even quicker.

The automatic biling is to get the minimum done...the $30/wk is what I billpay unless I have $$ problems a given week..

Same with buying a pc I bought $$2800 worth of pc & related for 24months at zero, and my end deal after I paid other $$ on it was $19/week for the 100 weeks.