The signs are everywhere: "Same As Cash!", "Nothing Down, No Interest, No Payments Until Next Summer!" or a very popular one these days, "0 Percent Interest on Balance Transfers until 2017!"

Maybe you've fallen for these promises in the past or are tempted to fall for them now. Retailers and banks are so anxious to increase their bottom line that deals are everywhere.

The only way it might be smart to take advantage of no-interest financing or a no-payment period is if you are 100 percent certain that you'll be able to pay off the purchase or credit card balance in full before the period ends. Otherwise, you might as well stuff pennies in your nostrils now, because you'll end up paying through the nose.

Tell me something: What is 100 percent certain in life? Come on; dig deep. You know the answer: Nothing. That's right. Nothing.

You have no idea what will happen between now, when you fall for the unbelievable deal, and six months or a year from now when that gigantic balance is due. If you are unable to come up with the cash before the deadline, the company will be more than happy to convert your balance into payments — under the terms buried in the paperwork that you will have to sign to close the deal.

Financing options offered through retail stores vary. But you may be required to sign up for a store credit card in order to have access to those options. You may not receive a monthly statement for that month, which can foster forgetfulness in even the most careful consumer.

Beware that interest rates on store credit cards tend to be a lot higher than national cards. An entertainment center may not seem so entertaining after 29.99 percent interest is tacked on. And if that's not enough, financing a purchase like this — adding a new account with a big balance equal to the credit limit — could hurt your credit rating.

Remember that the interest and payments in no-interest deals are only deferred — not waived. If you don't adhere to the terms of the deal, you'll lose your deferment and the deal will immediately convert to terms that are not in your favor — retroactively from the day you walked out with your fancy new (fill in the blank).

So how can stores afford to make these outrageous deals that appear to be so favorable to the consumer? Well, only those with excellent credit scores quality for these deals. And even then, statistics show that more than 75 percent of consumers are unable to pay off the full balance before it converts into very large monthly payments because, well, stuff happens.

News flash: Retailers and lenders aren't in business to make your life less costly. They don't care about you. Their only goal is to make money. That's not a bad thing, but something you need to keep in mind.

So ask yourself this question when you're tempted to fall prey to free financing: "If I can't pay for it now, how will I pay for it in six months or one year?"

If you're certain you'll be able to save enough money every month to pay off the balance, do yourself a favor and start saving now. Take cash to the store and you won't have to fiddle with annoying credit card applications and complicated paperwork.

Mary invites questions, comments and tips at [email protected], or c/o Everyday Cheapskate, 12340 Seal Beach Blvd., Suite B-416, Seal Beach, CA 90740. This column will answer questions of general interest, but letters cannot be answered individually. Mary Hunt is the founder of www.DebtProofLiving.com, a personal finance member website and the author of "Debt-Proof Living," released in 2014. To find out more about Mary and read her past columns, please visit the Creators Syndicate Web page at www.creators.com.

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