Buy Now Pay Later | The Problems & Why You Shouldn't Use It
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- čas přidán 13. 06. 2024
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The issue is not the service it is bad money management. If you are not financially disciplined you will misuse any tool or service, same goes for a credit card, line of credit etc.
This is precisely why there is a need for persons to become financially literate so they know what traps to avoid when on their financial journey 😕.
I’ve used it for groceries when my spouse was out of work and we were surviving on one income.
I generally feel like this is not a good thing, but I did use it to buy my sister's wedding dress as a gift for her. It was very nice to make a large purchase and not pay any interest. Obviously it would have been better to have the money upfront, but I did not.
5:04
...if what you need is more than the limit on the card. You may need the thing now (think car repair), you may not have 2k one shot, but if you can do 500 every 2 weeks after a paycheck, then you can get what you need now and not be knee capped because you had to spend 95% of your pay on an unexpected bill, vs 15% every 2 weeks for 2 months (rough example)!
It's in the realm of logic as the rich not paying for stuff one shot with their own money. They use other people's money. Case in point: tenants paying the mortgage you owe over time, instead of you paying it one shot.
Chase has an option for this, and uses your bank account. Minimum purchase is $50, and maximum purchase amount is $400.
I think it’s okay to do every once in a while for a larger necessary purchase and if you are going to pay attention to it. I think it should only be used once at a time. I’ve used it to finance a $1000 mattress. I think the issue is that people are using this for something like clothes that aren’t a necessity and using it so often their payments become out of control. I’ve heard you can even use these for groceries now.
I heard an ad for instacart/groceries yes!! That's not good 😩
Great content! If only people would ask themelves, "Is this worth going into debt?"
I don’t see how these are any worst than credit cards which offer you rewards to spend more. And everyone says they don’t carry a balance yet the cc companies make billions per year.
I'd much rather use affirm than my credit cards. I love my cards but I also love the buy now pay later too
The reason why credit card companies make billions dollars a year is because of the idiots that carry over balances each month. And I'm not trying to be mean just stating the reality to your concern. An idiot person is someone with low intelligence. The uneducated people on behalf of financial literacy. It happens to the best of us. I was once that idiot until I found great financial content like this one to help me understand it all. If you don't carry a balance they don't make interest. 💯 The credit card companies get their money back in full and you'll look good to whomever look at your credit report. It shows them how you barrow and pay back.
Great content. More of these videos please. Hugs from Gwinnett County, GA 💛
Do more of these types of videos 👏🏼
This was a great video on this topic! I will say I have used it before for things I was going to buy anyway, but wanted to spread the cashflow so I did klarna linked to my CC to pay it every two weeks. Never missed a payment and still got Rakuten and CC cashback for it. But I rarely use it.
I'm so glad these weren't widely available when I was less in control of my money. It could have so easily spiraled way more out of control. I have used Klarna once for a major purchase for a Brompton bicycle, but I treated it as debt and tracked it that way. It can be useful but you definitely need to be on top of it.
I did it for a bag of chips and now I am getting sued.
No Klarna in Australia. But we have afterpay.
Debt is good when you are smart. The only reason to not use these are if u don’t understand it or don’t have credit card with a similar pay structure. If u understand the debt and don’t have a credit card go ahead, but I would really get a credit card.
I think it depends on how financially responsible you are. With a high yield savings account, if you can make a purchase at 0% interest over say 6 months- if you can earn interest on the money, why not? I use PayPal credit for this all the time. Also use it in the same way as the person you read about-to give me more time to try clothes and return.
to play devils advocate, it's just added complexity. 99% of people use BNPL because they do not have the money for said item. Most are not looking to play a game of short term returns. Also unless the purchase is like 5k plus that you're trying to use HYSA to garner returns over your BNPL purchase then the interest you generate for anything less than 5k+ is not even really worth it.
But yes if your finacially responsible and can make use of a financial product than power to you. Personally I much rather allocate that complexity to other areas of my finances.
@@whothou yeah it works for me! I’m the type of person who uses a grace period on my mortgage payment because why should the bank have my money 14 days sooner when I could earning interest!
I love your faces Leila 😂you are genuine, stay like that and thank you for your videos and research. El love your channel!
Thank you so much!
I use it all the time and my reasoning is that we have a huge trend of package theft through carriers and depos, if it doesnt arrive and obviously also insured i still have my money. This is the Netherlands. I dont see any other reason to use the panthom death services
This is how i feel. I personally only use it for online orders because if i don’t receive my package at least i didn’t pay it in full.
12:55
...couldn't the same be said about a credit card?! Why have that instead of simply saving up for it?! What 'points'?!
😳🧐😅😂😆🤣💀⚰️✝️🤡‼️
The actual rich people (i grew up around them in Potomac MD K-12 from 1993-2005) don't chase credit card 'points' or 'perks'!
Awesome video!! I've seen these services but have absolutely no interest in them!
I avoid these like the plague, sure like any 0 percent interest loan it can be gamed via HYSA or the market for short term games. But truthfully the prices of purchases you would make using BNPL is not even high enough to warrant added complexity just for returns.
The reality also is if you're resorting to using these services you probably didn't have the money anways to take advantage of that.
For the sake of peace of mind, just not something worth the hassle. Much rather use my credit card and garner value through that.
Just make sinking funds.
Your hair is gorgeous
Thank you so much!
your write credit cards and those buy now pay later things aren't free money and i really wish credit didn't exist and that debt didn't exist
I had a horrible experience with this.
My friend used for Christmas gift buying last year very bad idea. She ended up with $290 payments Um No. Great video ❤😊❤
Oh noo, I'm sure lots of people are still paying down purchases from the holidays 😩
Was always against BNPL till in 2022 my iPhone 6s from 2015 was dying and slow as hell so I decided to upgrade (finally) to the new iPhone 14 at that time. It was at 0% and honestly I still regret it. I will only be done with paying it in September this year! BPNL also made me "upsize" my purchase and add apple care plus. Which was useless but murphy's law you know! I did BNPL because i dont have cash but i have investments and eas not worth it to sell investments to get a phobe imho. Now I would never do it with current rates which is not 0% anymore.
My current problem now is my 2010 honda civic that is starting to be less comofrtable (200k kms odometer) and im really thinking to YOLO and buy a new Mazda CX50 ar a whopping 50k Canadian but I trying to stop myself😅😅😅
😂 thank you for sharing!! Well hopefully you can hold onto the Honda a bit longer and save up some and buy a car that's a bittt less lol
@@PersonalFinancewithLeila thanks 😀 will try
The problem is peolle see it as only 50 dollars
When in reality its 200
And multiply that by 4 and youve got 800 dollars to pay back in 1 month!
If you didnt have the 800 then, theres no way youll have it next month
I'm proof that your logic is wrong!
its interesting that everyone on tictok was female in your video. I wonder if women mostly use these buy now pay later. its all spent on frivolous bs.
Women probably do use it more, but I think they're also more likely to share a TikTok about it than men lol
My Daily driver took a shit. I tried driving my standby car which is a 2005 Lexus LS430, it needed a new battery for a car with a v8 engine. That was $300. It needed new wipers and both air filters that was $170. It needs
Transmission oil
Engine oil
Engine Filter
8 New Spark plugs
4 New Break pads
4 new Rotars
Break Fluid
Power Steering Fluid
All of that for about $1,200 all seed to my credit card. I think it’s well worth it because without that car being in operational conditions I would not have been able to keep my new second job😂 let’s be honest, either those $1,200 in todays world and new or used car market I wouldn’t even be able to buy myself an electric scooter 😂