Groceries bought on Credit: Is it worth it or will you lose your money’s worth?
Groceries being bought on Credit sounds wonderful, especially when cash is in short supply.
Grocery stores are having facilities for its shoppers to purchase groceries on Credit with a 55-day interest-free pay-back option. However, in Doctor Debt’s humble opinion, it is ill-advised to buy food on credit. Grocery stores came under a lot of criticism with the opening of credit facilities because consumers were concerned that it would force people into further debt. When you think about it, it really is not worth your money to buy food on credit.
If you are not paying off the debt within the 55-day interest-free period, you’ll just be spending more for the item than you originally would have if you had bought it cash. At the end of the day, you are left with nothing to show for your hard-earned cash.
If you cannot afford food, can you really afford to pay a third extra of what you would have paid initially, in interest?
On the other hand (for those who can afford this), the card is worth it. A person who doesn’t have a credit record can take the opportunity to buy their food, earn double the points on their shopper card, and pay it off immediately as not to have to pay interest on the card. This will help this person build up their credit record.
Only you will be able to answer this question: is it worth it, or are you just losing your money’s worth?
With the increased cost of living, and after paying rent, electricity, water, and debt, there is basically no money left to buy groceries. Contact us for a FREE Assessment so that we can assist your family without assist with FREE advice so that you have money for the important things in life. We have helped thousands of people countrywide to solve their financial burdens.