I am 100% against Marine Depot's new financing options

Mr.Rocc

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I read through this and I just want to put my 2 cents in.
I am in that "younger population" and I totally agree with every single person out there that says we are reckless with our money. However I see a positive to this as well as a negative.
Positive: Most "younger generationers" (yes i just made that up) have no idea what credit is or how to get it. This program allows them to build this type of credit through purchases they would have already of bought. Now with that in mind, responsibilities come into play. If this younger person wants to pretend they can afford 3000$ worth of product and pay it off within a reasonable amount of time thats on them, not on MD.
Negative: I have my own credit card and am very good with my money. However, whenever anything new or improved comes out I jump at it like its nothing. That's what this payment plan is going to do. It will grab hold of those impulse buyers, send a ton of people into debt and ultimately turn people away from the hobby.

Now with all this being said, MD didn't implement this thinking they are going to pull one over on us. They put it up to try to help the public in anyway shape or form. Maybe someone needs a new apex system but cant afford it at this second, maybe their return pump just crapped out on them and they need it asap.

Again, its just my 2 cents. I agree its a bad idea for people to use but this post is great information to keep the people away from it but again they didn't use this viciously it was meant to help. Its kinda like the McRib at Mcdonalds, its so good that second until you see it go right to your rump the next morning and you regret it.
 

hybridazn

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If you think lying to your spouse about how much your hobby costs isn't financially and morally irresponsible then I got nothing else to say to you. XD

Financially? No, I feel both partners should know what comes in and what goes out of the old bank account. My wife does, if others don't then well that's on them.

Morally? Of course lying to your SO is wrong, but now your changing the discussion point.
 

hart24601

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Who am I, or any of us, to scold other people on how they choose to spend their money? Or to scold a retailer on giving a consumer options. Now I can see getting mad if it appeared MD's financing was deceitful, but it appears pretty standard.

If someone chooses to use this service they are not wrong, it is their choice with their own money. They are aware of how financing works (I hope) and they are choosing to use it. Sure it's easy to sit back and say it is foolhardy of them to use it and how much they can save waiting and searching for used or saving up...

BUT

to me this is exactly the same as a person who isn't in this hobby telling me how foolish it is to spend anything at all on a fish tank. "Oh look how savvy I am because I found a like new $500 protein skimmer for $300"... how many people do you think are out there that still think spending that money (for a box of water in your house) is utterly ridiculous when it can be invested or saved?
 

joseserrano

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I do not understand why this is being put on Marine Depot. We live in American and have so many allotted freedoms. This is up to the person. MD is not the big bad company pulling the strings. This is up to the person, no one else. This seems like some misplaced anger.
 

Mikedawg

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Financial literacy..........it's a good thing. Every individual has an inherent responsibility to understand what they can afford; let's not blame retailers who provide access to goods by extending credit. If you don't like what you consider high interest rates, the solution is simple - don't buy it.
 

A Toadstool Leather

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I think this would be less harmful to some people if financial literacy was better among the population. I have no doubt many can manage credit just fine but this could get less knowledgeable people in a bad spot quickly.
 
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WhiskeyCoffee

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Financially? No, I feel both partners should know what comes in and what goes out of the old bank account. My wife does, if others don't then well that's on them.

Morally? Of course lying to your SO is wrong, but now your changing the discussion point.

It's not changing the discussion point, I was answering your question.

Also, I find it slightly offsetting that you find my critique of MD's "good business practice" to be "borderline shameful" when you are a a) staff member and b) "partner member" and MD happens to be a R2R sponsor.
 

hybridazn

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It's not changing the discussion point, I was answering your question.

Also, I find it slightly offsetting that you find my critique of MD's "good business practice" to be "borderline shameful" when you are a a) staff member and b) "partner member" and MD happens to be a R2R sponsor.

Haha, I was wondering when you were going to throw that card out there...

:p
 

Marquiseo

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Is the Affirm payment option offered at Marine Depot a bad idea?

Maybe but that would be up to the consumer. It is no different from a credit card. A credit card can be abused the same as Affirm. Some credit cards offer the same APR or worse. Sure, some credit cards offer rewards points but then again that is a gimmick to make use the card more often. Credit benefits the business and never the consumer. This goes way beyond the millennial generation. Poor education finance is to blame.

Instant gratification response....so next time you are in a restaurant don't complain when your food is an hour late. Don't buy microwaveable food. Dont eat fast food. Don't use a vacuum cleaner; sweep your carpet. Don't drive faster than the speed limit. Don't use your credit card; wait till you have the funds. Don't watch a movie at the theater; wait till it comes on DVD/TV. Don't frag your corals; let them frag naturally.
 

Valkyrie

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After reading through the comments and rereading a few I realized something. It's not really about the offer itself, but a critique of how much the OP believes that this business is contributing to the over pricing of certain equipment.

Instead of saying to the supplier that more of item A could be sold if only the price were reduced, the offer of financing has come about and the OP views that as contributing to the cost.
 

Marquiseo

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After reading through the comments and rereading a few I realized something. It's not really about the offer itself, but a critique of how much the OP believes that this business is contributing to the over pricing of certain equipment.

Instead of saying to the supplier that more of item A could be sold if only the price were reduced, the offer of financing has come about and the OP views that as contributing to the cost.
So how will Affirm make money. A service is offered to consumers. Yes, it isn't ideal for most because of the APR but Marine Depot isn't making it the only option at checkout. I think the issue is that the OP is tempted but he doesn't like the APR he was given.
 

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