Whats your opinion of Buy Now Pay Later?

[Rio]

https://www.youtube.com/watch?v=zFODezPtQDU

"We Need To Talk About “Buy Now Pay Later”"

Do we all really have to pay 6% to 10% more for everything, because the service exist? Are people really using it to buy stuff like a domino's pizza?

[Phénomènes Mystiques]

Escrito originalmente por MinionJoe:

Escrito originalmente por Cosa Nostra:

0% Interest Financing is better.

This. Other than major property purchases, I try to finance through a 6-24 month no interest program (assuming the base cost is reasonable). I then budget the monthly payments to make sure it's paid off before the end of the term. Otherwise, you get hit for ALL of the back interest that would have accumulated. And those interest rates are typically much higher than 6-10%.

How about 18-month 0% Interest Financing while opening a new CC and also getting $300 - $500 cash back for spending so much PLUS cash back points on said card?

[MinionJoe]

Escrito originalmente por Cosa Nostra:

Escrito originalmente por MinionJoe:

This. Other than major property purchases, I try to finance through a 6-24 month no interest program (assuming the base cost is reasonable). I then budget the monthly payments to make sure it's paid off before the end of the term. Otherwise, you get hit for ALL of the back interest that would have accumulated. And those interest rates are typically much higher than 6-10%.

How about 18-month 0% Interest Financing while opening a new CC and also getting $300 - $500 cash back for spending so much PLUS cash back points on said card?

Sounds like they'll have an annual fee for all that.

Use it once then cancel it, is what I'd probably do.

Which reminds me, I need to cancel my Microcenter card through Wells Fargo.

[Raelic]

Escrito originalmente por MinionJoe:

Escrito originalmente por Cosa Nostra:

How about 18-month 0% Interest Financing while opening a new CC and also getting $300 - $500 cash back for spending so much PLUS cash back points on said card?

Sounds like they'll have an annual fee for all that.

Use it once then cancel it, is what I'd probably do.

Which reminds me, I need to cancel my Microcenter card through Wells Fargo.

They do not. If you have good credit, you'll get these offers constantly.

I do use those, however, they are not to be used as traditional credit. Do not use those to buy things you can't afford.

Even if it's 0% interest, you should not kick the can down the road for the full 18 months. Just pay it off anyways.

Please don't fall into these traps.

A good healthy way to use a credit card is to wait for one of those offers. Use it on something you were going to buy anyways or accrue the value over time while paying it off.

But, always pay off your credit card every month completely. If you can't pay off your credit card, you shouldn't be buying things.

[ZZZZZ]

Escrito originalmente por G 81:

Escrito originalmente por ZZZZZ:

its great if u dont intend to pay at all

The government owns all the guns, they'll come for you and take everything you own. That's even more stupid than taking the loans themselves.

eh ppl do that here without any drawback.. make hundreds of thousands/millions in debt and then declare bankruptcy..
its a way to get a life many coulnt afford otherwise

[Phénomènes Mystiques]

If you do carry a balance, best to stay under the minimum fee limit which is usually around $300 - $500 so you only pay the $3 - $5 minimum carry fee or so for that month.

[Raelic]

Just don't carry over a balance. Don't even think of it as an option. You're literally being robbed.

[Grendalcat]

How is this different than a credit card?

[HypersleepyNaputunia]

sounds like way govment works get slavic thunderdome ammo, now you peasants pay for it later

[jeremywyx]

If we woud live in a perfect world (in which we dont) without scamers we coud totaly use "buy now pay later" but otehrwise peopel woud just use it for scaming.

[mai72]

They prey on the poor.

Just look at the interest. 28%. Robbery. Do you want to know why most Americans are poor or struggling today? Because they buy crap that they can't afford. I'm sorry, but being able to make payments does not mean you can afford it.

If you have to use a buy now, pay later credit to buy a $2000 laptop that means YOU CAN'T AFFORD IT! End of discussion. Its the same with car payments. Your car's total worth should not exceed your yearly salary. The truth is it should be about 15% of your income. And so, if you make $50k a year, and 15% of that is about $7500 max. And yet, people are driving around in vehicles that are way beyond their means. They make $50k, or for a lot of Americans its more like $30- 35k and are driving around in $40- 70k cars with a HUGE monthly payment that is above $500 a month for 7 years. Just so they can try to make an impression that they are doing well financially. The truth is THEY ARE DEAD BROKE. Like most Americans. DEAD BROKE.

I stopped having financial conversations with people, because they just get angry at me. Instead, SPEND SPEND SPEND! The S&P is doing fabulous. I broke $400k last quarter, and hope to have half a million in a another 2 years. As long as I'm getting a 8% ROI I am good. So keep on purchasing Adidas, Nike, Toyota, Honda, Gucci, NVIDIA, AMD, Intel, etc.

I was asked why do I drive a 2006 Hyundai. It has rust on the hood, but its a clean car. Its because my money is directed into my investments. Cars are a waste of money and will keep you broke. I've gotten over the snickering of others. Who cares. Time freedom is more valuable to me than any car, because autos are a waste of cash. Cash that I can use for investing. I'm buying back my time before my time expires for good.