Purchasing brand-new furniture can be very expensive. In fact, many individuals resort to using store credit to pay for large purchases so that payments can be split up over the next 12 to 24 months. Unfortunately, those with bad credit will have a difficult time obtaining credit from most furniture dealers--and if credit is granted, it will likely come with a very high interest rate. However, there are relatively affordable ways to purchase furniture even if your credit is in poor shape.
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Take a close look at your finances to determine how much money you can realistically use to purchase furniture for your home. Keep in mind that while you may want a dining room table or living room set right now, these items aren't necessities and can be put off for a few months while you put money aside.
Consider your options before spending a fortune on new furniture for your home. Good deals on gently used furniture can be found at garage sales or by scouring online furniture ads on Craigslist. You can also find great deals on furniture in second-hand shops or used furniture stores.
Keep your eyes open for furniture sales--especially during the holidays when retailers are eager to bring customers into their stores. If your state has a tax-free weekend each year, this could be another opportunity to save money on your furniture purchase and eliminate the need to use credit.
Make purchases slowly over time, giving you the opportunity to save money and pay cash for your furniture purchases. This will allow you to keep your credit report clean while you work on restoring your poor credit by paying credit card bills on time and paying down high balances.
Tips and warnings
- Be wary of furniture rental deals, which allow you to rent pieces of furniture for a monthly fee. The fees associated with these rentals are very high and in the end, you'll end up paying much more money for the furniture than it is worth.
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