Have you ever bought something at a store that offered a 0% interest promotion for a certain number of months and forgot to (or couldn't) pay it off before the promotional period was up? Do you remember the shock and/or anger you felt when you looked at your first statement after that period was up and realizing you were basically back to square one? If so, you are not alone.
I will never forget how upset I was when I realized I didn't calculate how much I needed to pay each month in order to pay off a big screen television I purchased a number of years ago. The compounded interest that accrued during my 24 month promotion period darn near wound up being as much as the TV itself. It took me another 18 months just to pay the interest off.
After that fiasco I promised myself I would never purchase something with a promotional interest rate that I wouldn't be able to pay off in time. So if I do buy something with a store credit card now, I calculate how much my monthly payment would need to be in order for me to pay it off in time because I never want to feel that way again.
Has anyone else ever made the same mistake as me and not pay off a 0% interest purchase in time? If so, how long did it take you to pay everything off?