You've seen the deals, but do you really understand the fine print? Maybe not. According to the founder of Consolidated Credit Counseling, a lot of us don't. "Retailers understand the nature of the American consumer," Dvorkin said. "Though people may have great intentions of paying off the balance in full when the promotional period is over, a large majority don't. It's just as simple as that."

The consequences are scary if you're not the sort of person who pays on-time. "Let's say you owe just $150 on a $2,000 sofa you financed with a zero-percent offer. Missing the final payment will cost you an extra $480 at 24 percent interest. On top of that, you'll probably get socked with a late fee of $35 or so."

Yikes! Pay those off on time! —MEGHANN MARCO

Consumer Lookout: No interest? No payments? No sympathy for the unwary [Minneapolis Star-Tribune]