There are loads and loads of options when it comes to buying a computer. You can either just pay for it in full, buy it on credit card, take out a loan however another method is to use the lay away technique. Basically this is potentially a very good option for those who don’t have enough money to pay for it in full yet at the same time they don’t want to pay for it on credit.
With the system of layaway you basically state that you wish to buy a computer and instead of taking possession of the PC before paying for it in full, you pay for in instalments before taking possession. At first this might seem a little strange. Especially because we’ve been living in this “buy now pay later” society for so many years now.
The benefit of the layaway system is that there is no credit check which is ideal for those with bad credit. Also, because you aren’t taking out a loan, there is no interest to pay. Instead you are saving up for the computer, but instead of putting the money into a saving account or under your mattress, you are sending it to the layaway retailer.
If you put the money intended for buying a computer into a bank account you could be tempted to use the money for something else such as paying for roof repairs or a vacation. Instead you are keeping money aside just for your computer purchase and nothing else. It’s great for those who aren’t very good at money management.
Many companies are now offering the layaway payment terms including Sears and K-Mart however you can also go through elayaway.com which is a website that allows you to pay for items from many different shops via the layaway system. Wal-Mart used to have the layaway system however in 2006 this was dropped because of lack of demand. Whether they decide to re-instate the plan is not known.
Although there are many benefits of financing a computer in this way, you need to be careful of the pitfalls too. Fist of all, if you buy via an online company they might go bust at any moment. If you still have a number of payments to make before receiving your computer you might find that you will lose all the money you have paid.
Also, the terms and conditions can vary greatly depending on which company you use. If you decide to cancel your purchase with some companies you will be given a refund minus a processing fee. However with other companies you won’t get any refund at all. You also won’t get a refund if you take too long to pay the computer. This is incredibly unfair so it’s important that you know where you stand.
Make sure you know all the different charges involved, including whether the shipping is included in the cost. If you are going through a company you have never heard of then you ought to find out as much about the company as you can. Look out for honest reviews and also check with the Better Business Bureau (BBB).
At the end of the day, you might decide that computer layaway programs just aren’t for you and you would rather look at the other forms of payment that is available. That’s perfectly OK. Often shopping sites such as HSN and QVC have easy pay options on computers that don’t include any interest. This is an option that certainly shouldn’t be overlooked.
We hear all the time about identity theft and often we assume that it’s something that happens to other people. Unfortunately it’s something that can happen to any one of us and therefore understand the different techniques thieves use is a good idea. You may already use a paper shredder to destroy your bank statements and telephone bills, however what you might not thought about it shredding that old computer hard drive of yours.
If you are thinking about getting rid of an old computer it’s very tempting to either:-
1. Give it away. There are plenty of people who cannot afford the luxury of a brand new computer so giving your computer away to them might give a rosy feeling inside.
2. Sell it. You might feel that having a few bucks in your pocket is a good idea and will go towards paying for your new computer.
3. Simply chuck it away. If the computer is several years old and really antiquated you might feel there’s not point in doing anything other than tossing it out.
The problem with the above scenarios is that you don’t know who might be able to get their hands on your old computer. Just because you thought you’d deleted everything off the hard drive doesn’t mean that that’s it’s been deleted permanently.
Criminals who have the technical know-how can easily access that deleted info within hardly any time at all. And before you know it, they are using bank details, credit card numbers and passwords to steal your money and your identity.
Many of these harddrives end up in Nigeria where they can sell for $50 on the black market. Mostly the computers are sent there as e-waste so that they can be stripped down but there is a big chance that your hard-drive could end up on the black market.
So what is the solution? Well, it’s pretty simple really. You need to use a hard drive shredder (aka destroyer). If you are running a large company that has the need to destroy hard drives on a regular basis then you can buy an on-site shredder. However if you are an individual you can find a company to do this for you in your local area.
