The Dangers of Buy Now Pay Later
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- Опубліковано 7 вер 2024
- In this video, I discussed the current crisis affecting people's finances and preventing them from attaining financial freedom. Ever wondered why these services offer interest-free loan? You'll find out in this video. It's a Trap!
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What do you think about 'buy now, pay later'? Does it have you or anyone you know in a chokehold?
Share below👇😄
Not gonna lie buy now and pay later DEFINITELY screwed me over with the girl math. It got out of control for a minute. But it forced me to develop financial discipline. I really would rather just save and spend as needed or invest. Its not worth it.
Appreciate the honesty. Glad you got out of it
Same here!
Same! I had like 7 loans at one time..stupid me at the time. Never again.
@@proper.role.model.819 I’m so glad you broke free! Kudos to you 👏🏼
@@WhizQueen I get the itch occasionally and tell myself NO
I'm too Nigerian to buy something and not be able to pay fully right there. I usually don't like the feeling of being in debt(no matter how small) so my first option is to not go for it if I can't afford to pay fully, and that has worked so far.
@@emekaokonkwo4804 trust me a lot of the people that started it didn’t even know how they got there. I’m glad you had this mindset 👏🏼
I stopped using after pay because i hated the reminder of a forgotten purchase 4 weeks later 😂.
And u are right
Instant gratification and lack of financial discipline and debts if you are not careful with Buy now, pay Later
😂😂😂
I’m glad you stopped. It could be a huge debt trap if one’s not careful
I have never liked the idea of after pay !! Thanks for this video
People don’t see that it’s a trap and a whole they are digging sadly
Teach your children high grade maths, and force them to apply the principles. Stay out of debt and you'll be fine. Thanks for informing the public against the psychological deceit of BNPL
Funny enough I had gotten this video after "buying now - paying later" for a pair of shoes I got down to 85ish dollars from 150.
But I think a lot of people do get caught up in it because they don't want "guilt" or want to be able to make large, luxury purchase and just "figure it out later". I'm always nervous about missing a payment and I always make sure that whatever I'm paying for is something I can reasonably manage if not pay off early.
You’re so right! As long as you make on time payments and try to control it as much as you can 👍🏽
I think like with everything in life it just needs to be done in moderation. Everyone should have a budget and this type of payment should be done within your biweekly disposable income bandwidth.
It’s when you are buying what your biweekly income cannot safely cover that it becomes a problem.
I don’t think there should be a limit on what it’s used for. Everyone can determine what’s important to them and use the service accordingly.
Also, the payment can actually be made on your credit card. The service has your credit card on file and the payments are taken out of your credit card automatically so you are actually still getting the benefits of using your credit card.
Very well said, thank you. 👏🏼👏🏼
Some of the marketing strategies this buy now pay later services use it they claim to be better than credit card because they don’t do credit checks. But they don’t disclose that any missed payment could be reported on your credit.
Using credit cards is way better! As long as you spend only what you can afford to pay back.
Similar issues with buying more than you need to get a discount. Thank God I'm not susceptible to pressure/coercion
Thissss📌
Shopping at Costco sometimes forces you to do this and then you end up with expired products
Watching this video, reading through the comments😂😂 Learning a lot! Even as someone still living in Nigeria lol
I've only used the buy now pay later thingy once for this Mtn solar product and mehn, it's something i'd never do again in my life if its not asset based😂😂 Like, they even doubled the recurring fee cos of the economy and you literally don't have a choice. Cant just wait to write it off. And oh boy, never again😂
Thank you for the honesty. The mindset is a big issue that people have to tackle first. If Buy Now Pay Later becomes more accepted in Nigeria for day to day things, do you think it could be worse than it is right now?
You can use this service for an asset purchase that could assist you in making more money, but using it to pay for liability or luxury is a no no. If you can’t afford it, don’t buy it
Exactly! Loans should be used for purchases that add value or an investment. Not random things you can do without
What’s an example of an asset purchase for buy now pay later?
before watching this vid i defo do buy now pay later but i only do it with a credit card bc i know i can pay my stuff off within a month (i put it in my expenses tracker like i would purchase it in cash) when the paycheck comes in. i stay away from explicit buy now pay later programs bc I JUST KNOW its a trap to financial debt and ruin. ive seen so many people fall victim to this and end up not saving up in their twenties because of debt and its sad
You’re doing it the right way ✔️
Exactly how it should be
🙌🏻🙌🏻🙌🏻🙌🏻
The danger is not buy now pay later. The danger is not having financial discipline
😮 Girl math is meant to benefit you
Girl maths is keeping the girls broke