Pets are, of course, a huge part of the family, and a family member should never be seen as a financial burden. However, there is the chance that your new pup could be lowering your credit score without you realizing it.
Dawn Sabins and her family had a peculiar experience after their dog died and they went out and bought another. Although they spent $2,400 on their new family friend, a strange purchase from the pet store’s financing company for $5,800 caught her eye and prompted her to reach out to the representatives. That’s when she found out that, in actuality, her family was leasing their dog and didn’t actually own it.
They had signed up for a 34-month leasing plan that would offer them the chance to purchase the dog for two months rent upon completion. It had a 70 percent annualized interest rate, and if the dog died before the 34 months was up, they’d have to pay an early repayment charge. If they missed a payment, the company could take the dog back.
Unfortunately, this isn’t an uncommon scenario, and without reading the fine print, you may be putting your credit score and financial health at risk for your new family member.
Image via The Mill.
