After being hit by multiple hurricanes here in Florida, I was anxious about them. I was given a chance to purchase an emergency generator with no interest for 12 months. I thought that this was a good deal.
After paying this purchase off over the next 12 months I thought that my obligation was completed.in June I was billed a huge interest amount. When I called to inquire, I was told that because my purchase was not completely paid off within the 12 month period they were charging me 21% interest on the entire purchase for the entire 12 months. I was not even given any credit for the money that I had already paid each month! What I was told that because I had made additional purchases on the Home Depot Credit Card, my payments went to pay for those first BEFORE paying towards this older purchase. I was told that I was advised of the terms of the agreement. I don't know what "advised" means. I guess they mean the fine print!
I think that this is imoral and possibly illeagal. I think that I was overcharged. Home Depot should be ashamed of themselves for preying on consumers in this way. How many people are even aware that they are being ripped off in this way? Many stores have stopped using this method of financing because it is so bad. I paid off my Home Depot Credit Services Account in full and closed it as of today. I will take all of my major purchases to the competitor Lowes now and I will pay cash for them. Please boycott Home Depot.
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