Americans have a nasty addiction to credit. It is a big reason that we are in such a pickle right now. Not understanding the true cost of credit, is dangerous, and can get you in a lot of trouble. It starts at a young age, with things like this:
Get them while they’re young. The board game of “Life”, which was originally created in 1860 by Milton Bradley, and modernized 100 years later, in 1960, is modernizing once again; doing away with the cash that was included and used in the game, and switching to credit cards. The “Game of Life” is geared towards kids ages 9 and up. Get ‘em trained at an early age. In reality:
On that note, sometimes credit can be very helpful. When you are starting a business for example. Or when you buy a house. Or when you want to get a new Trek Bicycle.
That’s right. Trek is now offering the Trek Credit Card.
If you qualify, you will be given up to a $3000 credit limit, and the card is accepted at over 1200 Trek dealers nationwide. It doesn’t sound like you can use your Trek card to buy a Raleigh, but you can roll out on a new belt drive District or Soho. There are no payments for 180 days, which if you are smart, you can pay off. If credit usage is done well, you can pay off your balance before the insane 24% interest rate starts up. If you need a bike now, then it may be a good option. Better than a lay-away program because you get to ride it now. Just make sure you pay it off, because they will get you.
Another, better option, (if you live around Portland, OR) is the Unitus Community Credit Union.
Open to people that work or live in one of 7 counties in Oregon, they offer loans of up to $3000 and a fixed 6.99% loan for up to 2 years. That will get you on a bike, benefit the community by supporting a local, not-for profit lending institution, and potentially save you some money.
Hopefully you are flush with dough, and you can just drop some cash on that bike you want and/or need, but if not, there are options. Just be smart. If you have the need to buy a bike though, you can always get me one, I ride a 56/57.