The case of the $2,700 laptop (plus 27% interest)

Some frugal friends visited with us during the Holidays and told us about one of their friends.

Their friend browsed a  laptop store and fell into a consumer trap.

A salesman convinced her to finance a laptop (because she was broke) for several years at 27% interest.

The next morning she called to cancel her purchase (buyrer's remorse), but was told she would need to pay a $500 cancellation fee per her contract.

So the friend decided to keep the overpriced, financed laptop instead of paying the $500 ransom.

My wife and I commented that we bought a laptop during Black Friday with Windows 8, touch screen and some other features suitable for our family for around $250. In cash- after our previous laptop died.

Lessons from this anecdote?

• Develop discipline to resist unscrupulous salesmen.
• Look to get more value for less price
• Pay as you go
• Live within your means
• Read what you sign

 

(Photo courtesy Wikipedia)