When a $6k TV ends up costing more than $16k

Real cost of instalment payment plans much higher when customers default on their loans

Paying for a $6,000 TV by instalments might seem like a good idea if you are strapped for cash, but there is a financial sting in the tail - that TV could end up costing $16,600 if you pay for it over five years.

Or take a $1,500 washing machine - a customer could end up shelling out $4,600. And a $569 microwave? That could end up costing $2,000.

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A version of this article appeared in the print edition of The Straits Times on November 06, 2019, with the headline 'When a $6k TV ends up costing more than $16k'. Print Edition | Subscribe