Wallkill, New York
Not resolved
2 comments

When I borrowed $6,000 for dental work from Care Credit, it was arranged by my dentist's wife. I told her that I needed the option of having the loan interest-free if paid within a specified time.

When I noticed that there were huge interest fees, I called the company. They said that unless the provider specifies that option, you will not have it - which, now that I know how unscrupulous this dentist is suggests that they get some form of remuneration from Care Credit. In any case, they said that whether you have the option or not, the interest charges will appear on the bill and will only be taken off at the end if you pay within the agreed time. I notice with my Sears card, that when I have purhased an appliance with the understanding that if I pay within a certain time, I will pay no interest, as the end of the specified period approaches, they let me know so that if there is a balance still due to meet the deadline and avoid interest, I can pay it and they remove any interest attributable to that item - not an unreasonable arrangement.

However, my dentist never even set that up with Care Credit and we are talking about thousands of dollars in interest over the course of the loan whether I pay it off in time or not.

How fortunate these theives are to be able to point to Obama and take the attention off where the blame lies - lenders and health insurance companies.

Monetary Loss: $6.

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Anonymous
#728280

In all cases there is a minimum amount due monthly. IN ALL CASES.

Interest accruing is tallied monthly on statements. Pay in full within the promotional period and the interest is never charged.

John N
#393629

You have to be careful when agreeing to these "no interest if paid by" such and such time. In many cases these companies are now requiring you to make a minimum payment each month till the end, and then all interest will be deleted.

It is not like the old days when you did not have to make any payments till the very end when you would just pay the whole thing. Tricky, tricky nowdays. Read the contract you are signing when setting something like this up.

Bottom line: pay the darn thing off now with cash and you have no future problems. It's not like you are going to get rich on the interest savings.

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