FeeX blog – shemakescents

Using this type of payment was once thought to be a great way establish and build credit. Some people may agree that this is still the case for in-store financing. I’m inclined to disagree. Fact: Good credit is important to secure financing when making large purchases such as furniture.

But did you know that financing furniture or other high ticket items can have a negative impact on your credit score?

When shopping, sales people will make payment suggestions to the consumer to close their deal. The first offer that is usually thrown out is a store card or in-store financing. They will present both options making them sound attractive with facts that have no real financial bearing, like 5% off when you open a card today. In most cases, in-store financing is affiliated with well-known banks which may make you as a consumer feel more comfortable. Yet the deal is generally closed once consumers hear the magic words- “no money down and no interest for two years.” to find out why it’s not a great deal!

What are you saving for?

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Email SMC: shemakescents@gmail.com

Just recently I teamed up with a company called FeeX to join the conversation of about money for their company blog. The content is a mix of personal stories, financial insights, news, and interviews and I am honored to be a part of the discussion. FeeX is a free service that uncovers the hidden fees in your retirement accounts—initially IRAs—and estimates the damage that these fees are inflicting on your retirement savings. Are you one of the 7 out of 10 Americans that are completely unaware of the fees eating away at your retirement savings? I think this type of service is cool and a great way to learn more about retirement savings while adding my twenty-something voice to their blog. Check me out!