Mr Scrooge, then called Benjamin Slade in his youth ,suggested the idea to Mr Brewster that people take furniture on credit, paying 10% down and paying a little each month with interest. He will do this for 18 months and by the time he is finished , he will pay 150% of the purchase price.
What if the purchaser cannot pay,was the next question. Mr Scrooge responded , then you repossess it and sell it back , you stand to make 200% of the purchase price.
Does this sound familiar??
I personally will not take furniture on credit , mainly because it is an item that is in depreciating value . But I see so many people doing it and I sigh. Then I am reminded that there persons who see this as the only option. Be wise.
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP is an author and entrepreneur based in Trinidad and Tobago.
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