I found a receipt for a Diamond ring this weekend. It was in the back of a U-Haul truck last weekend.

The receipt showed somebody purchased an engagement ring, 1 year insurance and lifetime cleaning. I could only assume a guy bought it for his sweet heart.

He didn’t spring for a big diamond. The total purchase was $678.97, however I am sure it is a pretty ring and his sweet heart is going to be excited to get it.

The receipt had a note written on it from again, what I assume was the sales person. It said, “Congratulations Bill.  I wish you and Suzy an eternity of happiness.” The note was signed “Shirley” (Note – I changed the names to protect the real people involved)

In the middle of receipt was what made me think that Bill or Suzy could get screwed badly with this deal.

Bill had purchased this ring on terms.  He signed up for 6 months same as cash.

Now, many of us have done this often.  It can be a good cash flow solution.  Except, if you miss a payment or are even one day late.

The terms that Bill agreed to was 6 months same as cash with 27.5% interest, waived completely as long as he made a monthly payment of $113.16 every month before the 15th of each month.

OK, here is where Bill and/or Suzy could get screwed. And I assure you if Suzy gets screwed here, Bill will never live it down, NEVER.

If Bill fails to make the payment in time for any reason at all, the interest is applied back to the original date.

This could be an additional $200+, if not more. If Bill screws up really big time and has to ask Suzy for some money to make the payment, WOW, that’s going to be an even bigger problem for him.

Bill, it’s really really important that you not miss any payments on Suzy’s ring. That would not be a good way to start the engagement. I’m sure you know this and you’ll be ok. But just in case you do screw up, my Uncle Guido can help you out.

And – Congratulations to you & Suzy.