She said the most important point: miss a payment and pay extra than expected. HIGH FEES will literally and glady and quickly make you REGRET that decision unless you can magically afford it. Know yourself if youre honest with yourself. I'd rather get some points while im at it. Good luck !
To me, it’s like a sinking fund for larger purchases. Breaking it up over time makes it easier to budget - I set it on autopay so I never miss a payment and it gives me more time than a credit card, since I pay mine off in full every month (also on autopay)
For me it’s really valuable for big purchase like furniture. I used a buy now pay later financing site for my couch. It’s not for someone who doesn’t have stable income or who isn’t responsible with what or how often they finance!
I use them and I already have the money. I'm not trying to give up the interest im earning on my savings just yet. Not when I can pay 0 interest with them.
Like most things this is good in moderation. I have used a few of these before and it helped me when I knew I needed something like a desk that would improve the quality of my life. Breaking it up helped me afford it. Now this is a trick of moderation and paying it off first. But I didn't have a credit card at 16 so. 😅 I use it every now and then but also don't go on a spending spree right after
But I think that using it for paying it for like in your situation like a desk or a laptop, seems healthy for me when you are in a situation that you cannot afford it, like you are still in school (like university) or just in the workforce, even when you are in a job that does not give you enough to have non-fundimental spendible money
I love the points you made. I was like wait… that’s exactly how I feel about stuff!!! Didn’t think of it as shady but I get your pov! My man and I hate buying things with credit. We force ourselves to to build it but me I get weird about it and the first chance I get, I pay it all off. I hate having debt. It bothers me. So we owe everything we buy. But I can see how this is helpful for those who maybe already maxed out their card. I mean, those people are probably not making wise financial decisions if they can’t keep up and pay stuff down but possibly for emergencies it’s good!
I agree. However, I’ll use it for big purchases if I can afford it right now & keep that money in a high interest savings account, then slow pay while I earn interest.
The way I use it is for like my insurance payment. Paying in full gets me a lower premium vs 6 monthly payments. Using a BNPL service, I can get the lower premium and still spread my payments out over time.
No interest at all? Buy now pay later is not a new concept. It’s been around for a long time, but for furniture. I never use this a scheme so not clear. Buy now, pay later usually has a balloon payment at the end and if you don’t pay, a high interest plus fees is applied to the original amount (backdated to the original purchase date).
I don’t like it either. If you’re in a jam and need a computer or phone for work and don’t have a credit card that’s one thing. Flat broke and an interview suit for work fine. But “fun stuff” nah.
Yeah I don't like it either. I've also noticed some of my credit cards now offer the option of splitting the payments for bigger purchases, so might as well use my credit card.
The reality is though that not everybody is eligible for a credit card despite working, No hate to this creator but I think there is more nuance to this than is provided here. Things like afterpay can allow people on a smaller paycheck to take advantage of deals such as spend x amount to get free shipping or 20% off, and for essential items (for example moisturisers, cleansers, shampoo etc from a budget chemist) this can allow us to save money but buying several at a time and not having to pay postage or being able to access deals that are only available to those who spend more. Furthermore, when you require something such as new work boots, a more expensive pair may well be too much to comfortably pay for in full, however long term are likely a better investment then a cheaper pair (for both longevity and comfort). If someone is smart with their budgeting and isn't overspending when using these money systems, I think they can actually provide a means to save money and more comfortably afford necessity's. Of course a credit card may be a better option when paid off in full month to month, it's simply an accessibility issue. Poor people are not inherently bad with their money (not that the creator implied that it just seems to be a commonly held belief and often put forth as a reason using afterpay or similar are bad), and so when used with purpose and a well managed budget, they can be a very helpful tool, at least to my point of view.
If you cannot pay for something on the spot, you cannot afford it. You can devise any bullshit excuse or justification to convince yourself and other airheads that you are smart with your money, but that fact still holds.
This is only bad if you’re not responsible I typically use for big purchases, example a couch, I paid 115 every other week without interest. My credit cards are kept at 10% so that’s why I don’t purchase on it. Been using it for years and never had a missed payment.. I think it’s only bad if you’re not responsible
I don't see that many people buy houses in cash. I see them make payments on cars and different assets. So why is this so frowned upon but paying off a house isn't? It's a genuine question.
I’m guilty of using this service a lot but I do actually choose my credit card as the payment option and I am already in the habit of tracking everything I spend and writing it down and putting text alerts on when the payment is due. I spread out the payments and since they are charged on my credit card I just have to pay my credit card. But I’ve also noticed how much easier to justify spending more frequently is when I choose these options and try not to get myself into a rabbit hole with spending all the time just because I’m only spending 1/4 of the full prices every 2 weeks. That’s how easy it is to have to spend months paying something back if I do all these purchases back to back to back
It's good for building credit score if you're a sensible person and only get 1 bnpl at a time (completely paying it off before starting a new one). Remember for us 18 year olds with zero credit history we need to build our credit otherwise credit card companies won't accept us
Buy now pay later schemes are aimed at people who can’t get a credit card. They can be incredibly useful IF you are careful about it. Credit cards can get you into trouble just as quickly if not more so because of the interest rates.
They actually do report to credit bureaus. My score went up, but I only used them for a few large purchases that I paid off. cash. As a way of life, yes, don’t do it, but you don’t seem to have the facts about it.
You completely failed to understand BNPL product model…. You can pay for ur stuff in let’s say 3 payments without any interest….. with majority of Credit cards you have to repay the whole balance next month otherwise you pay interest on it…
That's BS. No one is using BNPL for their rent or insurance or groceries or transportation or GENUINE necessities. It's people overindulging in consumerism on a epic scale. Something like a third of people who use them default which indicates they're buying something they can't afford. Personal responsibility can go a long way in one's finances.
That's BS. No one is using BNPL for their rent or insurance or groceries or transportation or GENUINE necessities. It's people overindulging in consumerism on an epic scale. Also, not everyone who uses them are low-income. It's not classist to point out a predatory system that leads to poor financial decision making.
She said the most important point: miss a payment and pay extra than expected. HIGH FEES will literally and glady and quickly make you REGRET that decision unless you can magically afford it. Know yourself if youre honest with yourself. I'd rather get some points while im at it. Good luck !
The biggest BNPLs have a Grace period.
They can not report you to credit
Score people thought if you don’t pay them
Payments come out automatically, so you can’t miss them.
Same! I’ve never used this, don’t think that’ll change.
To me, it’s like a sinking fund for larger purchases. Breaking it up over time makes it easier to budget - I set it on autopay so I never miss a payment and it gives me more time than a credit card, since I pay mine off in full every month (also on autopay)
Just buy what you can afford at the moment. That saves the headache.
If you can't afford it, don't buy it.
For me it’s really valuable for big purchase like furniture. I used a buy now pay later financing site for my couch. It’s not for someone who doesn’t have stable income or who isn’t responsible with what or how often they finance!
I use them and I already have the money. I'm not trying to give up the interest im earning on my savings just yet. Not when I can pay 0 interest with them.
Like most things this is good in moderation. I have used a few of these before and it helped me when I knew I needed something like a desk that would improve the quality of my life. Breaking it up helped me afford it. Now this is a trick of moderation and paying it off first. But I didn't have a credit card at 16 so. 😅 I use it every now and then but also don't go on a spending spree right after
But I think that using it for paying it for like in your situation like a desk or a laptop, seems healthy for me when you are in a situation that you cannot afford it, like you are still in school (like university) or just in the workforce, even when you are in a job that does not give you enough to have non-fundimental spendible money
I love the points you made. I was like wait… that’s exactly how I feel about stuff!!! Didn’t think of it as shady but I get your pov! My man and I hate buying things with credit. We force ourselves to to build it but me I get weird about it and the first chance I get, I pay it all off. I hate having debt. It bothers me. So we owe everything we buy. But I can see how this is helpful for those who maybe already maxed out their card. I mean, those people are probably not making wise financial decisions if they can’t keep up and pay stuff down but possibly for emergencies it’s good!
I agree. However, I’ll use it for big purchases if I can afford it right now & keep that money in a high interest savings account, then slow pay while I earn interest.
The way I use it is for like my insurance payment. Paying in full gets me a lower premium vs 6 monthly payments.
Using a BNPL service, I can get the lower premium and still spread my payments out over time.
A credit card will charge interest. Most buy now pay later don't. The money is automatically debted from your checking account
No interest at all? Buy now pay later is not a new concept. It’s been around for a long time, but for furniture. I never use this a scheme so not clear.
Buy now, pay later usually has a balloon payment at the end and if you don’t pay, a high interest plus fees is applied to the original amount (backdated to the original purchase date).
I agree 100% let them be mad girl lol
same. IIf i can't buy it on the spot, i don't buy it.
I don’t like it either. If you’re in a jam and need a computer or phone for work and don’t have a credit card that’s one thing. Flat broke and an interview suit for work fine. But “fun stuff” nah.
Like you said for something like a work computer because it’s a necessity, then yes. I agree with ya 💯
Yeah I don't like it either. I've also noticed some of my credit cards now offer the option of splitting the payments for bigger purchases, so might as well use my credit card.
The reality is though that not everybody is eligible for a credit card despite working, No hate to this creator but I think there is more nuance to this than is provided here. Things like afterpay can allow people on a smaller paycheck to take advantage of deals such as spend x amount to get free shipping or 20% off, and for essential items (for example moisturisers, cleansers, shampoo etc from a budget chemist) this can allow us to save money but buying several at a time and not having to pay postage or being able to access deals that are only available to those who spend more. Furthermore, when you require something such as new work boots, a more expensive pair may well be too much to comfortably pay for in full, however long term are likely a better investment then a cheaper pair (for both longevity and comfort). If someone is smart with their budgeting and isn't overspending when using these money systems, I think they can actually provide a means to save money and more comfortably afford necessity's. Of course a credit card may be a better option when paid off in full month to month, it's simply an accessibility issue. Poor people are not inherently bad with their money (not that the creator implied that it just seems to be a commonly held belief and often put forth as a reason using afterpay or similar are bad), and so when used with purpose and a well managed budget, they can be a very helpful tool, at least to my point of view.
If you cannot pay for something on the spot, you cannot afford it. You can devise any bullshit excuse or justification to convince yourself and other airheads that you are smart with your money, but that fact still holds.
I call these deals buy now pay forever.
It definitely enabled me to rack up more credit card debt while I was buying now and paying later. It can work for some but def not people like me
This is only bad if you’re not responsible
I typically use for big purchases, example a couch, I paid 115 every other week without interest. My credit cards are kept at 10% so that’s why I don’t purchase on it. Been using it for years and never had a missed payment.. I think it’s only bad if you’re not responsible
Almost like layaway in the early 00’s
i 100% agree
Yeah, the “buy now pay later” ain’t gonna work long term. There is something off about it. I think it’ll just make personal debt worse.
I don't see that many people buy houses in cash. I see them make payments on cars and different assets. So why is this so frowned upon but paying off a house isn't? It's a genuine question.
Great advice! It’s so tempting….what’s your fave cc to get points?
I’m guilty of using this service a lot but I do actually choose my credit card as the payment option and I am already in the habit of tracking everything I spend and writing it down and putting text alerts on when the payment is due. I spread out the payments and since they are charged on my credit card I just have to pay my credit card. But I’ve also noticed how much easier to justify spending more frequently is when I choose these options and try not to get myself into a rabbit hole with spending all the time just because I’m only spending 1/4 of the full prices every 2 weeks. That’s how easy it is to have to spend months paying something back if I do all these purchases back to back to back
I end up buying crap I don't need because the monthly payment is only like $20 and that is just enticing for me.....Yea, no bueno para mi.
Truth
It's good for building credit score if you're a sensible person and only get 1 bnpl at a time (completely paying it off before starting a new one). Remember for us 18 year olds with zero credit history we need to build our credit otherwise credit card companies won't accept us
Is she talking about Afterpay or Klarna?
If you aren't paying with cash, change, or a check, then you're taking on debt.
Facts!
Technically. You gain economically because of inflation. If i buy 50 dollar
And the item costs 60 dollar later.
I sort of profit 10 dollar
Love the video
Orrrr, for the laptop example: Even BETTER, have an emergency fund!
Its for big finance companies to keep people poor
Am I the only one who buys stuff on credit with the intent on paying it back?
Buy now pay later schemes are aimed at people who can’t get a credit card. They can be incredibly useful IF you are careful about it. Credit cards can get you into trouble just as quickly if not more so because of the interest rates.
Can you do a video on advice on which credit card to get? Like which would be best for points etc?? ❤
If you are paying on time it should effect your credit positively. Only reporting negatives is a 🚩
It’s a slippery slope
They actually do report to credit bureaus. My score went up, but I only used them for a few large purchases that I paid off. cash. As a way of life, yes, don’t do it, but you don’t seem to have the facts about it.
Sounds like a self control issue
100%
Don't need to have a late payment, I have a job.
You completely failed to understand BNPL product model…. You can pay for ur stuff in let’s say 3 payments without any interest….. with majority of Credit cards you have to repay the whole balance next month otherwise you pay interest on it…
Yeah, it’s really going away if Apple is entering this space. Lol
democracy or economy is an enslavement.
If you don't understand money, you are condemn.
Well I pay it back with my credit card so I still earn points anyway 😅
…you look gorgeous, but I think you are exaggerating. ❤️
I think this is a very privileged view on BNPL
That's BS. No one is using BNPL for their rent or insurance or groceries or transportation or GENUINE necessities. It's people overindulging in consumerism on a epic scale. Something like a third of people who use them default which indicates they're buying something they can't afford. Personal responsibility can go a long way in one's finances.
Classism! Some people don’t like cc or made need something in a pinch. Instead of your judgement teach others different ways of saving!
Um. She does. That’s what her channel is about.
That's BS. No one is using BNPL for their rent or insurance or groceries or transportation or GENUINE necessities. It's people overindulging in consumerism on an epic scale. Also, not everyone who uses them are low-income. It's not classist to point out a predatory system that leads to poor financial decision making.
This is the most dumbest opinion 🤣🤣 use credit card and points ma’am go back to school they let you out 6yrs early.
But you still use credit card to pay later right? 👀🫨
Facts!