Commandment #6 Thou shalt not buy furniture on credit
Now this is a big one because nothing scares me more than hearing…”Don’t pay a cent event!”
Okay, We run into these all the time and what happens is people get excited. They go out, they made an offer on a property. They get it accepted and then all of a sudden they go out and buy furniture and they buy it on credit. Alright, and even if there are no payments, that’s going affect your credit rating, your credit score, your debt, service ratios, all of those things.
You can put your mortgage in danger by going out and doing that. Now, if you’re adequately budgeted and you’ve got the money put aside, then by all means buy furniture, but don’t spend your down payment. Don’t spend your closing costs and more importantly, don’t skew your credit by taking on furniture. Wait till you close the deal. Get the furniture afterward. Okay. There’s lots of stuff on Kijiji and Marketplace. You can get it afterward. That’s a whole lot cheaper than what you can buy anyway. So that is Commandment #6.