Interest free deals not so free

Interest free deals offered by retailers can come with some stings in the tail for the unwary consumer.

At the end of the interest free period you can find yourself paying 30 per cent interest on the unpaid portion of the purchase and in some cases that interest is backdated to the original purchase date.

There may be monthly fees, even in the interest free period. The deal may include a new credit card from a finance company.

Source: Herald Sun

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