Crowley Furniture and Nebraska Furniture Mart in the Kansas City area are two of the largest furniture retailers. Both of these retailers lure people in the store by saying; Hey come buy your furniture here and you can have 60, 90 days or heck let's just give you 2 years interest free financing.
This means you don't have to make a payment during that time and it is interest free. We can purchase all the furniture we want, budget ourselves and pay it off within the specified period and it did not cost us a dime in interest. What a great deal!
Then reality sets in the cost of living sky rockets.
When you borrow money against a home you already own, the Federal government is there trying to help you avoid making a serious or costly mistake. The Federal Truth In Lending Act (in effect since 1979) requires that you receive a three business day "cooling...