Short on cash? No credit card or don’t want to use your credit card because the bank just changed your interest rate to 28% and now it’s paying millions in bonuses to executives?
Billmelater.com rides to the rescue, proving that no gimmick is so full of thorns that people won’t jump on the chance to buy now and pay later (and pay, and pay, and pay).
What is Billmelater.com?
“Bill Me Later” is a Web-based service offered by increasing numbers of retailers desperate to reach out to more customers (such as Toys R Us and GNC Live Well). Even if those customers don’t have any money. What’s wrong with this picture?
If you are at one such retailer’s Web site wanting to buy something, but you don’t have a debit or credit card and you think you still need to buy something, you can get it through Bill Me Later. Turn in your name, address, and part of your social security number and you get get a loan to make that purchase.
Pay back the loan during the grace period, which ranges from a few days to a couple of months, and you’re done. It was a free loan. But pay it back after the grace period ends and you’ll pay high interest and late fees. One man’s $20 purchase ended up costing him $40. Yeah, that’s not a lot of green, but look at it this way: that’s 100% interest!
Stand Up to Loan Shark Practices
If you’re pissed that your bank raised your credit card rates to 28%, and you should be, why do business with a company that charges 100%? Yeah, I know: You’ll pay it off during the grace period, and then it’s free. But how do you think BillMeLater can afford interest free loans? Yours is free because many more schlubs don’t pay it off and end up getting hosed. Suit yourself, but I choose not to be a part of that system. Maybe I’m old fashioned, but I think if you can’t afford something, meaning you don’t have the money in your pocket or in your account, you shouldn’t be buying it. It’s a lesson I learned the hard way.
Have you been dinged by high interest and fees? Scroll down to share your experience in the comments. Nothing dries up the slime under rocks like sunlight.
Tell Your Story in the Lawsuit
If you feel you have been treated unfairly by Bill Me Later and want to hit back, contact this law firm and tell them your story. You might be able to get some satisfaction. (Read the news about the suit here.)