Many people buy products on installment and pay interest or EMI. For sellers this is really very profitable because they are going to earn interest from the product they sell with terms and conditions. But how much profitable it is for buyers? For emergency need the EMI (Equated Monthly Installment) is a good offer from sellers. Sometimes paying in installment is not a big pressure for a buyer and can easily pay from their monthly income or salary. So sometimes its a good deal.
Who likes to pay extra money when they can pay the actual price instantly. Honestly I'm with them who purchase products by paying fair price, no more and no less. Paying interest for products I purchase is something I personally don't want to allow and not yet tried. Once I bought laptop but I don't permission to withdraw enough cash from the ATM booth as there was daily limit and the shop didn’t allow me online purchase.
The shop offered me EMI but I didn’t allow myself and found another way to withdraw money and it was punching my card on punching machine. Finally I paid and avoid the EMI. See here I can wait too because the laptop was not my emergency need and I was forgetful about the withdrawal limit of my card in ATM booth for the day. But I'm not against of EMI specially when its an emergency need.
As I said I always prefer paying the fair price and not support purchasing on installment so I suggest my friends if they can wait for a product they want to buy, try to avoid paying extra cash or money. Frugal try not to pay extra cash for the product they can buy later or can wait to accumulate the full price of it. But in business offering purchasing on installment is a great trick to make good profit and interest. As time is money so when a seller offering installment payment they can charge extra for that is very fair too.
This is a profitable for sellers and sometimes profitable for buyers too because they get enough time to pay doesn’t matter if they are paying some extra Interest. Most of the business now offering installment payment and this surely bring good profit in business beside that good chance for selling maximum products. Car, home, electronic gadgets and almost everything offering EMI or other installment payment facilities.
If buying products on installment doesn’t affect your personal finance then definitely you should go for it. But if you prefer not to pay interest and can wait to buy the product later then better you wait for some other offers when it may available in discount and you’ve no need to buy it having any installment offer. Installment is only profitable for buyers when the product is going to unavailable later or its an emergency. As a frugal I never support paying extra cash but as I said I'm not against it too.
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I've Published it before here: Do You Buy Products On Instalment?
