Financing an xbox is one of the stupidest things ever. If you can't afford this thing that you obviously don't need, then don't buy it.
At Circuit City I remember this one lady coming in to buy a dvd player. I pointed one out that was about $50. Then she decided to apply for financing and got approved for $1200, so instead of just the dvd player, she bought a TV and a computer along with the dvd player... she just HAD to use up that $1200. What a stupid piece of poop.
I financed a PS3. It wasn't stupid at all, the mistake that happened was, but the financing was fine and if that mistake would not have happened then I would have no negative thoughts on it. People who don't have any stability and can't think about their financial situation enough to make a logical choice; THAT is stupid.
Sadly the only thing that will be going down in price is electronic goods in the new year. Not really some thing to look forward to when the rest of the cost of living is going up.