7:05 As much as I feel bad for making the guy in the article pay 36% for groceries, the next paragraph says he also spends thousands on games and a concert, so I kind of have to ask whose fault is it really...
Yeah you might want to read that policy my friend and not the front page of the website advertising that 0% interest rate. BNPL is worthless and its a trap for people that doesn't understand their finances.
Credit debt is also dangerous. Don´t understand why it is normal in the us to use a credit card. You will be a slave of the money. You forcing youself to give your lifetime for money that you not have. I mean if you really need something for you life (and i mean need, not want) and you will pay it in the next months completely... it can be usefull. But most people using this stuff like it is norma. Or like it is good to create a credit score (WTF?).
If you're paying off in full every month. Then it actually makes sense to use a credit card. Credit cards offer better protection compared to debit cards. If a debit card is stolen say goodbye to your entire bank account, and beg and pray you'll get it back. Also it's a huge convenience to just have one bill each month on a consistent day for your expenses. It also simplifies budgeting. Also good Credit cards will other cash back or points. So you'll actually be saving a little bit of money here and there.
@@luigigrabspam4596 The fact is, that most people are in debt because of credit cards. The protection thing is only an illusion to justify the big dangers. And about poitns and cash back stuff i can tell you, that it is created to make you buy more stuff. So at the end of the day you lose money, even if you think you "saved" some money. No, you already bought another item, to get the points to thinking you make a good deal. That is the whole system behind it. On top of that they make money with your decisions you made (the data).
I 💯 get it. Working in the automotive industry, I buy tools to do jobs and some are cheap and I can straight up but, others need some financing. I normally use my cc and break the payment up over a couple pay periods. I manage my money fairly well, butbo can see some folks in the shop where this might be advantageous as opposed to using a credit card.
These predatory things exist because we allow capitalism to run rampant and don't pay people enough to live and don't keep costs of necessity items in check.
Capitalism at this point isnt the problem my guy. Being uneducated in finance, not knowing your limits, not having self control, not saving, not having a budget for spending money, not having investments, not understanding the tricks of the trade, not knowing how to live within your means, these are the bigger problems with society today. Capitalism unfortunately is here to stay at this point and it's impossible to get rid of due to the mindset of human nature in this current time. Educating yourself and being responsible for yourself is the answer.
Thanks for making this-I feel like it’s under discussed how dangerously easy they make this
7:05 As much as I feel bad for making the guy in the article pay 36% for groceries, the next paragraph says he also spends thousands on games and a concert, so I kind of have to ask whose fault is it really...
Afterpay 0% loan for 48 months is way better than CC. My Platinum pay over time is 12% and i rather pay in splits than a lump sum
Yeah you might want to read that policy my friend and not the front page of the website advertising that 0% interest rate.
BNPL is worthless and its a trap for people that doesn't understand their finances.
I'm also not a big fan of this idea. However, back in the day paying for groceries using CC seemed like a wild idea. Are we getting old?
IKR, I remember my mom flipping out about having to use a credit card for groceries (90s I think).
I use them because I don't like seeing bunches of money taken out of my savings account all at once.
Buy Now Pay later will keep my disciplined
Credit debt is also dangerous. Don´t understand why it is normal in the us to use a credit card. You will be a slave of the money. You forcing youself to give your lifetime for money that you not have. I mean if you really need something for you life (and i mean need, not want) and you will pay it in the next months completely... it can be usefull. But most people using this stuff like it is norma. Or like it is good to create a credit score (WTF?).
If you need a loan for a NEED you have a bigger problem simple way to avoid interest on credits buy what you can afford
If you're paying off in full every month. Then it actually makes sense to use a credit card. Credit cards offer better protection compared to debit cards. If a debit card is stolen say goodbye to your entire bank account, and beg and pray you'll get it back. Also it's a huge convenience to just have one bill each month on a consistent day for your expenses. It also simplifies budgeting.
Also good Credit cards will other cash back or points. So you'll actually be saving a little bit of money here and there.
@@luigigrabspam4596 The fact is, that most people are in debt because of credit cards. The protection thing is only an illusion to justify the big dangers.
And about poitns and cash back stuff i can tell you, that it is created to make you buy more stuff. So at the end of the day you lose money, even if you think you "saved" some money. No, you already bought another item, to get the points to thinking you make a good deal. That is the whole system behind it. On top of that they make money with your decisions you made (the data).
Here in the Uk Klarna report to credit agencies
Yes you’re right about using BNPL it really doesn’t make sense for low-price items.
I 💯 get it. Working in the automotive industry, I buy tools to do jobs and some are cheap and I can straight up but, others need some financing. I normally use my cc and break the payment up over a couple pay periods.
I manage my money fairly well, butbo can see some folks in the shop where this might be advantageous as opposed to using a credit card.
I'm only thinking about but now pay later because of the 0% interest verses my credit cards that I hardly ever use.
Hey, its a tool. So if you are disciplined it could be fine for you, everyone’s situation is different.
Another form on predatory lending at its finest for folks that are low income or bad credit… 🤦🏽♂️🤦🏽♂️🤦🏽♂️
This is stoopid dangerous for those who it's targeting.
100% if you can't pay cash for it, you shouldn't buy it (unless it's a house).
How about "Buy Now, Don't Pay Forever".
Great video Ben! One really does get deeper into the hole when those pay laters just keep stacking.
Does Max Rewards support credit union credit cards?
sounds like modern day layaway.
These predatory things exist because we allow capitalism to run rampant and don't pay people enough to live and don't keep costs of necessity items in check.
Capitalism at this point isnt the problem my guy. Being uneducated in finance, not knowing your limits, not having self control, not saving, not having a budget for spending money, not having investments, not understanding the tricks of the trade, not knowing how to live within your means, these are the bigger problems with society today.
Capitalism unfortunately is here to stay at this point and it's impossible to get rid of due to the mindset of human nature in this current time. Educating yourself and being responsible for yourself is the answer.
That's right. These things never happen in communist countries like North Korea, Cuba or the soviet union!...😂😂😂
Delayed gratification
I just bought the catzilla shirt.
Thanks shifu
I might get it for my wife for christmas (not with buy mow pay later)