May 31, 2022
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
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