I got into debt...

[Radiance]

I moved with pretty much a suitcase, a TV and a bed

The plan was to save money to start buying furniture and other homegoodies
I bought some stuff with cash, such a pots, pans, towels, etc.
But the empty apt (renting) was driving me nuts.

After 3 months I coudnt take it anymore, I allowed myself to buy $1300 of furniture on credit. I will pay in 12 months, no interest. This covered the living room and office furniture.

Now I can seat somewhere to read a book or watch some TV. I really needed it...ok, I wanted it. But it was a pressing emotional need, so I allowed myself to do it.

So, I will hold off and send my 12 payments. Next year I will buy some furniture for my bedroom which currently only has a bed.

Is this really that bad? I know it was instant gratification and I bought with somebody elses money and betting on being able to pay for the next 12 months. But I feel I realy needed to allow me to do this, although my tummy is unconfortable with having falling into debt again.

[riverwed070707]

Will it really take you a whole year to pay off the $1300? What is your current financial situation like? Are you putting money into savings each month or just making ends meet?

12 month interest free financing isn't a poor financial decision; however, doing so without assured means to repay it wouldn't be a good idea. If you're making money and meeting your other financial goals then I would say NBD, just make sure you stay on top of it.

[MonkeyMama]

What's done is done, so no point in picking on you.

BUT, for others in the same boat...

I don't think anyone here advocates suffering with no furniture.

I personally would have asked for hand-me-downs, or scored something "barely used" on Craigslist. (A lack of cash would lower my standards significantly, or would have made my only option to ask around for hand-me-downs).

Of course - this would not be a life sentence if you were truly unhappy with your choices. Just a temporary situation to get you through.

Hands down, this is how we avoid consumer debt. We don't do without - we just look for other options.

Keep this in mind as you fill other needs in your new apartment. Good Luck!

[KTP]

Are you still having a tough time of it Radiance? I had hoped things would be looking up after your move. I wish you the best...I can only imagine how hard it would be to be a single parent and I wouldn't beat yourself up too much over this debt.

[elessar78]

I think that you're "riddled with guilt and anxiety" over this is a positive sign. The problem is when people don't know that they're doing something they're not supposed to be doing. No reason to dwell on it, pay it off and move on and don't exacerbate the situation.

[Radiance]

Thank you Monkey Mama.

Craiglist has been tough for me because I dont have a car where to carry furniture.My friends also have sedans, so no luck there. Plus, to be honest, the prices where not that good either.
Similar happened with thirftstores. Sofas were $300-$500 and I got it new for that much, Not sure what is going on. I've written posts thirftsotres in Florida before, it doesnt make sense to me. I did better looking for discounted items at furniture stores.

Look what I just found dresser for $13
Mission Tall Chest Plan | Dressers.net

Things like that..
$1300 got me a sofa, a tv stand, an ottoman, two end tables and a desk. I think it was good.

Riverwed, I am sending money to savings and I have a job, so I should be ok, God willing. I am paying $100/month mainly to use the no interest benefit and still have some cashflow each month.

[Radiance]

Hi KPT!

I am doing good in many senses
I pay all my bills with no stress and have extra money each month, I send money to my savings and I opened a 401k with my employer. I have 1mo EF and growing. (I want 12 months)

Next year I will work on retirement planning.

I did strugle with this decision, but I think it is worth it.
$1300 is the extent of my unsecured debt (plus $3000 on the car). And 12 months go fast.

[MonkeyMama]

In these situations, a moving truck rental can also be an excellent investment.

Often, sellers are willing to deliver furniture.

Not so much to pick on you - but to put out there that there are plenty of options.

I personally haven't spent much money to furnish my own home - so just speaking from experience.

[disneysteve]

In these situations, a moving truck rental can also be an excellent investment.

Often, sellers are willing to deliver furniture.

Not so much to pick on you - but to put out there that there are plenty of options.

I personally haven't spent much money to furnish my own home - so just speaking from experience.

I agree. My first apartment had a sofabed and kitchen set bought at a used furniture store, a hand-me-down dresser and a desk that was trash-picked and that was about it. It wasn't glamorous but it served the purpose at minimal cost.

[LivingAlmostLarge]

depends where I am people are asking a fortune for used furniture and they don't deliver. People are ridiculous for used stuff where I am. I found it hard to buy used baby stuff which should be dirt cheap. I mean ridiculous asking prices of 80%-90% of original price or higher than the new price now! They don't seem to get that because they spend $600 on an item doesn't mean that people want to pay $450 for a used crib or something.

[Hector]

If you had money and bought in on credit to take advantage of 0% apr for a year than its fine.

If you didnt have money for it,
I dont think its wise thing to buy furniture on credit. As others mentioned if furniture NEEDED to be bought, used furniture is the way to go IMO. Its wise thing to have 401k, but whats the point of contributing to 401k if you need to borrow money.

[carolan]

I agree with the others...what's done is done, just stay on top of it. And next time, try second hand stores or craigs list etc...

[Joan.of.the.Arch]

Radiance, if you pay $13.99 for that dresser, don't forget to buy all the lumber and woodworking tools. Those seem to be PLANS for building a dresser, not an actual dresser.

[nick__45]

If you keep your nice furniture for 10 years, it comes out to be about 35 cents each day. That is a pretty good investment to me. If you must have furniture and can pay it off, then it is a good thing to just get them. Of course, the most expensive way to get them is from the store. Beside my bed (mattress, box spring, frame) and recliner I don't have new furniture. I lived without dining table or any table or chair period for 7 years after college. To me, they were important at all because I was a renter. I did spend a lot on my bed because a good night sleep is very important. Stupid and cheap people break their back sleeping on junk mattress while wasting money with soda and junk food at gas station, I know many of them.

I did get a nice dining table that sits 8 people from a consignment shop. It is in almost brand new shape and is a very fine piece of furniture. I would have cost a lot more but I only paid 700 dollars for it. Then I paid 300 dollars for a used wrap around leather set that my friend got from his uncle as a second item. We found the price tag while cleaning it out, it was a 4500 dollars item. It is in excellent shape and will last another 30 years easily. We have a 5-bedrooms house with an additional in-law suite that has its own master bedroom and that is all the furniture we have; bed, recliner, dining table, and wrap-around sofa set. We are so busy that we usually eat standing up around the kitchen counter and I don't recall the last time I sit on my recliner, which saw some damage in the back corner from moving twice.

Whenever I can get a truck I would be getting thrift store and dumper stuffs. A lot of people throw away perfectly good furniture when they get foreclosed on.

[disneysteve]

A lot of people throw away perfectly good furniture when they get foreclosed on.

Actually, a lot of people throw out perfectly good furniture anytime. Most people don't want to be bothered selling stuff or donating stuff. When they upgrade to new stuff, they just put the old stuff at the curb. It is a huge waste but also a great opportunity for others. Over the years, we've rescued many items from the curb. Some we used personally. Some we turned around and sold at yard sales or on ebay (smaller items, not furniture). The trick is to know the pick up schedule for the neighborhoods in your area and drive around the night before trash day to see what people put out. Another good tip is to map out houses having yard sales and go around to those houses around 5 or 6pm the day of the sale. People often trash anything that didn't sell.