Can you say Loan Shark!
Bought computer through Dell in March, this March 03, using their Credit Card. Total price of $1,956.26, have paid $1,608.50, I still owe $1,068.98. This works out to be $100/mo.in interest, which equates to about an interest rate of 60%. Ever paid 60% for interest, especially for just a computer?
Perhaps that is why Dell Computers are "well priced".
Apparently they take your payments, only apply what they consider the monthly payment to be, and hold the rest until the next payment is due. At this time, I do not owe anything until sometime next year.
There is not one thing on their statement that shows what the interest is, they do show what has been "credited", they don't tell you that they haven't applied it and won't for months to come.
When I called to find out what the balance was, since I knew the statement was incorrect, I was informed that I owed an extra $60 to have this "contract" and another $70 to break it, or pay in full. PREPAYMENT PENALTY PLUS, PLUS! This is how, they say everyone does it! Wow! I only pay about 300 bills a month for our business, never had this problem.
So, when I think I owe about $350, I now owe over $700 and I have only had this computer since the end of March, 7 months. That is interest of approximately $100/mo. Or at the interest rate of over 60%. A Loan Shark would have been cheaper.
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