You dont pay anything until next year!

The ads are enticing.

Can you really wait more than a year to pay off big-ticket furniture, electronics and more?

Two people shop for tv’s at Best Buy.

People wait in line to make their purchases at Best Buy on Thanksgiving day in St. Petersburg, Fla., on Nov. 22, 2018. Sharon Steinmann/The Penny Hoarder

And what happens if you dont have the money at the end of that period?

No Interest Til Almost 2027?

Are Zero-Percent Offers Really Interest-Free Loans?

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Well start with the difference between a zero-percent interest and interest-deferred offer.

(For reference,balance-transfer credit card offersare an example of zero-interest promotions.)

In other words, your card starts behaving like a typical credit card with a $2,000 balance.

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A key phrase to look for in your financing contract is: Interest will be assessed from purchase date.

If your agreement includes this statement, youre signing up for deferred interest.

So if you pay off your balance within that time period, youve essentially received an interest-free loan.

So how do stores make money on those kinds of deals?

Theyre depending on your inability to meet a deadline.

Whats that mean for you?

After the introductory period, the interest rate is 18%.

On the day before the introductory period ended, you pay off $1,900 of the balance.

But you cant quite come up with the last $100.

It can actually allow you to hang onto your cash while paying off a big-ticket item in installments.

What to Do If You Have an Interest-Deferred Loan

What if you already have an interest-deferred loan?

Make paying off the balance your priority.

Need an incentive to start paying?

Check out your monthly statements, which should include how much interest youve already accrued.

Additionally, consider cheaper borrowing options that could allow you to pay off the balance.

Readher bio and other work here, then catch her on Twitter @TiffanyWendeln.

(Can you sense my millennial sarcasm there?)

You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…