When a $6k TV ends up costing more than $16k
Real cost of instalment payment plans much higher when customers default on their loans
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Janice Tai
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.