What are the Pros and Cons of Accepting Financing Options as a Consumer?

Financing Your Way advocates for its customers and believe firmly in giving customers full information.  Knowing the pros and cons of professional financing and customer financing programs are extremely important.  One of the most advantageous aspects of obtaining consumer credit is the flexibility that it offers to customers and businesses in the financial realm.  Prior to having such widespread access to credit, consumer financing options and lending programs, people were very much restricted to only buying what they could afford at the moment.  For better, and sometimes for worse, our modern society has enabled us to have greater access to resources through credit options. People no longer have to save for years in order to purchase appliances or other large, expensive items.

Having access to customer financing programs allows us to have a better quality of life.  We don’t have to choose between medical insurance and a new washer and dryer machine or making the hard decision between replacing a major appliance or putting money aside for a child’s college tuition.  Credit and customer financing programs or options allow consumers to pay for their purchases in installments. This is something which can be beyond helpful under today’s economic strain. Credit is not a panacea or a cure-all, however. Cons of credit include impulsive spending, high debt accumulation and even financial stress leading to mental and emotional stress.  With such easy access to money that we wouldn’t normally have, frivolous spending is a definite danger. Another vital and salient psychological component of spending with credit is that the customer does not have a tangible attachment to the money that is being spent. This eliminates the “pain of payment” which is sometimes the voice of reason. Cash shoppers tend to be more likely to moderate what they are spending because they can see it.  Credit is not a cure all as we stated earlier however, it is most certainly a way to bolster one’s quality of life and used carefully and wisely, is a great gift to working people without the means to make large ticket purchases when they need to.


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