Why cant store these days do any sort of loans?

[marcus903]

Why can't someone walk into a store, get something, and then offer to pay it a later time?

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[Fisher]

Furniture stores do. It is how they make their money--on the financing not the sales.

 

[clownboy]

Why can't someone walk into a store, get something, and then offer to pay it a later time?

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Some still do if you're talking about store credit. However, for the little guys it doesn't work in the modern environment - people don't pay. The big stores have revolving credit companies that do all the collection for them. It is now, and always has been an idiot's method for getting what you want. You'll be paying minimum three times the ticket price of the item(s).

Save your money and then make your purchase.

 

[tech30528]

Why can't someone walk into a store, get something, and then offer to pay it a later time?

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That's what credit cards are for. Better still, wait until you have the money and don't pay interest. There is a whole industry out there that makes big money on people who don't have the patience to live within their means and for many it becomes life long debt. I don't participate. I'm a Dave Ramsey graduate and have no debt. No credit cards, mortgage or car payments. My income goes much further because I don't pay any interest. I bought a car yesterday, paid cash for it.

 

[tech30528]

Here's the deal on that car. It's a blue 98 Buick LeSabre with 126K miles on it. It's a very nice straight car, no rust, leather interior, everything works. It was supposed to have a bad head gasket, the engine was locked up. I paid $400 for it and had it towed to my shop. It turned out to be simpler than that, an upper intake plenum leak. Fixed it this afternoon. New spark plugs and wires, flushed the trans, charged the AC, changed the oil. A new set of tires will be in on Monday. Then it goes to the detail shop. I'll have it sold in a couple of weeks and clear about $2000. All because I had the money on hand to pick up the car and buy the parts. If you are buried in debt you are in no position to capitalize on a good deal when it comes available.

 

[Jerry]

Why can't someone walk into a store, get something, and then offer to pay it a later time?

You mean a store credit card.

Lots of stores have credit cards. To many, imo.

 

[Cephus]

You mean a store credit card.

Lots of stores have credit cards. To many, imo.

Lots of stores got into trouble offering credit cards too. While some still do, most of them are just regular cards with the store's logo stamped on them.

 

[molten_dragon]

A lot of stores offer store credit cards still. I see ads for them pretty regularly.

 

[Cephus]

A lot of stores offer store credit cards still. I see ads for them pretty regularly.

There was a time when these stores had their own credit departments, when you applied for a card, they sent you to an in-store credit department for approval. Today, that's just not the case, these are cards that are operated by a major credit card company, entirely outside of the store, who make all of the decisions. It's just not the same thing.

 

[MaggieD]

Why can't someone walk into a store, get something, and then offer to pay it a later time?

You answer this: Why should someone be able to walk into a store, take his so-called purchase home and not pay for it?

(This aside from the fact that you can do what you're asking to do.)

 

[Ray410]

Because basic honesty, pride in your good name and decency toward others are no longer part of the majority American culture.

Those traits of basic goodness and the Golden Rule were part of the American 1950's culture that the Liberals love to ridicule as being evil and bad.

 

[tech30528]

I have a charge account at the local hardware store. It is an in store account and they charge no interest. I have no idea what the limit is, I've never had more than a couple hundred dollars on it. The only "big box" store we have in the county is Walmart. This store is actually a builder's supply so it's a pretty good sized place and has a decent stock. The family that owns it also sold the 22 acres lot Walmart sits on to them. Pretty sure they didn't let Wally World put it on their tab though.