EP247 Buy Now, Pay Later 101

Buy Now, Pay Later (BNPL) arrangements are becoming an increasingly popular payment option, especially when shopping online. BNPL is a type of short-term financing that allows consumers to make purchases and pay for them at a later date, often interest-free. Although this method was traditionally used for larger, more expensive items such as vehicles and houses, this has become far more popular among a broader range of products such as clothes, groceries, and entertainment. In this episode, I am going to be discussing both the pros and the cons of this popular repayment method and what to be aware of if you choose to “pay later.”

Listen in as I explain how Buy Now, Pay Later works and whether it is similar to making a purchase on your credit card. You will learn the importance of knowing what the repayment plans are, why you should still only buy what you truly need, and who this could positively impact to help get urgent items or budget more effectively.

“It’s necessary to understand how your payments work so you can plan for them in your budget.” – Tracey Bissett

This Week on Young Money:

• What BNPL is and why it is becoming so popular.
• What to be aware of when it comes to BNPL.
• Whether there is interest on repayments.
• How BNPL actually works.
• The importance of understanding the fine print of repayments.

Key takeaways:

• Understand the fine print.
• Know the facts.
• Only buy what you need.

Resources Mentioned:

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