My partner and I are moving into a new apartment. I have a decent savings but I don't want to use a ton of it furnish the place because we need all new furniture. I'm someone who likes to have a good savings available for emergencies, it just makes me feel secure. We both make decent money too.

So I saw Raymour does 72 months at 0% interest. Is there anything I should be wary of? I know these places like to get over on you. But we would have 0 trouble making the minimum payment and I would probably pay MORE than the minimum to just pay it off within like a year. I would use it so I don't have to drop 5k at once and just pay it over 12 months. Am I crazy?

Thanks!

We bought some furniture in 2023 April from Raymour and Flanigan - couch, dining table etc which costed around 4000$. They offered 0% APR and said there is no interest at all. I opened a new credit line with RF (TD bank) for my wife and gave all her details to build her score. I think the store guys set the minimum payment option by default.

Fast forward to now! My wife suddenly realizes that there is 6500$ to be paid even after minimum payment was set to 220$ for last 2 years!! I don’t think she ever checked the credit card statements which were never set for mail delivery. I think we messed up royally! We’re now trying to gather all the credit card statements (some of 2023 ones are not available) and also the original purchase amount/contract.

I have no idea how this happened and trying to piece together info, but I don’t know if there is any way to waive it reduce this interest! I have a feeling this is going to be a really expensive lesson.

Any ideas would be appreciated! Thanks