RSSWhy Buy-Now-Pay-Later Credit Sale Works Well in Mauritius!
13 Mar 2009 3 Comments
in Finance & Stocks, Lallmatie & Mauritius Tags: advice, credit, credit card, finance, interest, pay later, payment, procrastinate, queue, wait
I have just been to the CEB in person, to pay for the corrected bill and imagine my bad luck that there’s a long queue… Yeah, it’s the deadline today… So many people wait for the last moment to do their things…
A similar long queue was shown on TV for last year’s income tax deadline. Why do people have to wait for the last moment to make their payments? Of defer payment? I’m sure a lot paid late payment fees, both for the CEB and income tax…
Personally, I like to pay my bills as early as possible, and not buy on credit: it’s bad. It keeps your head worried so as when I’m doing to do it, makes you pay interest if you go past the deadline… and worse… credit sales have huge interest associated with them. Pretty normal, since the shop wouldn’t be making profit instantly with a credit-sale, so it has to charge extra!
Interestingly, many people don’t realise that. “Non, mo pu paye TV la li doucement doucement,” some say, and end up paying as much as Rs 20k for a 15k TV. It’s just an example… Some might say that you have zero interest on Credit Cards if you repay back in 50 days or so… Interesting… I have been using credit cards… Bad thing to take credit… Financial Gurus will tell you the same thing. So the only reason I use them now (and originally intended to) is for shopping on the Internet!
So people, it’s better to save and buy your stuff in cash! Say, some give discounts for cash payments (well, you might also take a bank loan, do your own business etc..)…
“Yes, I know that,” you might say, as well as keeping to buy on credit, or to procrastinate…
3 Comments (+add yours?)
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Mar 13, 2009 @ 22:07:02
end up paying as much as Rs 20k for a 15k TV. It’s just an example
Unfortunately, without credit, we would still be lagging behind.
And it really depend what you are buying.
If you wait to save cash first, then by the time you success in buying your model, it will be already an old thing.
Mar 16, 2009 @ 21:19:39
I agree with Yashvin above. And in times of rising inflation level, buying on credit now is more worthwhile than saving and buying that same thing later on. Well that applies to quite big investments and not to the buying of a mobile phone for example.
Mar 16, 2009 @ 22:08:23
Agreed with both of you. Like Morrin said, don’t just buy anything!