What to do if I am being charged deferred interest that is greater that items purchased?

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What to do if I am being charged deferred interest that is greater that items purchased?

I have a furniture credit card that I purchased some furniture on a promotional on interest for so many day sale. I was paying online so I was not getting statements so I was not aware the promotional period was about up which was my fault. The deferred interest charged was $9000 + which was a lot higher than the actual furniture. Does this seem legal to charge so much deferred interest? Is there any thing that can be done to get rid of this without effecting credit.

Asked on May 23, 2012 under General Practice, Mississippi

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you agreed to it, it is legal--there are many cases where the interest on a purchase exceeds the actual value of the item purchased (for example: on the average 30 year mortgage, the homeowner will pay more, sometimes a lot more, in interest than the cost of the home). It is not illegal to have interest charges that could exceed the value of the item purchased, so long as such is disclosed and the buyer agreed to it in the contract or agreement of sale (or financing agreement). You need to check the agreements you signed to see you have been charged too much or not.


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