Certainly, the purchase of goods in credit is expected to have interest. In most cases, the interest rates are affordable, but in others, for example, in your case, the rates are high. Therefore, proper use of credit will make the best use of credit services. The Annual Percentage Rate (APR) of 24.99% is a high-interest rate, and its accumulating interest is $4,995.49. The total cost paid to the store for the furniture is $10, 495.49, which is almost double the purchasing amount. Therefore, the high APR results in high interest making the furniture deal not good enough. Because of the low monthly payment, the repayment period is also high at around six years. Such a long duration is the reason for the accumulation of the high interest amounts.

As it is said that you should get credit while it is most appropriate since credit can amount to bankruptcy. For your case, I think it is good to use credit since you need the furniture for your new home. However, it would not be the most appropriate decision to accumulate such a high interest on furniture only while you can get almost similar furniture at a lower price. Thus, you ought to consider other economical options.

To counter this high interest, you may consider increasing the payment amount way above $150 per month. An amount of above $300 will reduce the payment period; hence, reducing the total amount you will pay for the furniture. It is also wise to consider other credit options where possible. For example, banks offer loans at much lower interest rates, meaning that with such options, you can apply for a loan and pay a lower interest amount. Finally, when you have already taken the deal from your store, you can consider applying for a loan to repay the credit from your store, as the loan will cover you from incurring a high interest rate on your furniture deal due to the long repayment duration.