It seems that everything nowadays can be financed and this isn't necessarily a bad thing, until they issue financing for something as paltry as iphone insurance . Financing makes things much more affordable giving low income earners the chance to purchase items that may have once been too expensive. Instead of settling for a rusty used car with 200,000 miles on the clock they can now afford to purchase a new car and pay it off through financing.
The same situation is true for electronic goods. In a society where having the latest gadgets could make or break your reputation or credibility, the stigma placed on owning the latest iPhone or android phones has never been so strong. Not only does image matter but also having a phone that doesn't have the ability to receive emails or connect to social media could leave you missing an important gathering. Imagine your friends send you a facebook message and because you don't have an iphone or other smartphone because you can't afford one, you miss it and become a social outcast.
Financing makes the things that seem impossible, possible. However one thing to be aware of is the increasingly high rates of APR. You may feel that 15% APR is resonable but if the item you are financing costs you £5000 you end up paying back a total of £5750. That's £750 more than the product costs just for the sake of being able to afford it. Many people are putting themselves at risk by purchasing items they can't afford and putting it on finance the one day realising that they cannot afford the repayments becuase they have too many items on finance.
Finance is good but only in moderation, but when the time comes that things like iPhone insurance are available on finance, that's the time to maybe re-evaluate the whole financing scenario.