Dropkick Murphy
Dallas,#2Consumer Comment
Mon, August 01, 2011
First of all HH Gregg is not a lending institution so your beef is with GE Money. Second, you have no recourse against them either. GE Money is not in the business of helping you pay off your balance in the allotted time frame. Think about it...you borrow a sum from them and pay it off 12 months later. Not only have they gained nothing but they have actually lost money. They could have gotten 2% in a passbook savings account for Christs sake.
They can only afford to offer these types of credit plans because so many people do not pay it off in time. 5 days, 1 day, it doesn't matter...one second late is still LATE.
My advice to people who use these types of credit offers is to pay it off at least 30 days before the final due date. That will give you plenty of time to confirm the payment and thank them for the free money.