If you want something, it is better fo you to save for it. However, if the amount is too high to save for, maybe you should think twice about whether you really need it.

If you dont have the cash now you won't have it later. Dont kid yourself. In a bigger context this is what the chinese are doing to poor countries all over the world building infrastructure that they can't afford in debt they will never be able to pay.off.

I never did that and would never do. It's just a smooth gimmick for businesses to make you buy anything that is not really needed.

YES! If you can't afford it, don't buy it. If you don't need it, don't buy it. If you want it, save up for it and pay cash! Get the idea? I have NO debt! ;-D

Winners and losers. The quasi banks that are running the setup won't have too many complaints.

Only if you, just quoting from your Topic "temptation to buy more stuff than needed, increasing the risk of debt". Which would indeed be very foolish!!

Pay later usually comes with numerous small print catches, like 18-30 % interest rates, or a much higher initial price ,because interest hidden in price.

Its a loan. like any other loan from the bank

ty Toni B

Yes not realizing that the payments are every two weeks not once a month. Make sure you double the payment they tell you. I rather but from the credit card on the catalog with payments only once a month just like a credit card and some catalogs have their own credit cards and banks

You can overdo it with spending

I wont use it

hi, ty , jeffery t,1083827

There is such a temptation to purchase something on these BNPL plans, especially when you only need to make a 1/4 payment up front, but boy can they be dangerous especially if you convince yourself that "of course I'll be able to afford to pay it back" and then you get into difficulties. I know that my usage of BNPL has reduced substantially over the past 3 years but so has many platforms either gone bust or just ceased to trade. There used to be Openpay and Latitude and I am honestly happy that they are no longer around. The demographic most vulnerable to these schemes are the very group with the LEAST money skills and this includes the 18-25 aged individuals. Give them a credit card or 2 and a couple of BNPL programs and they'll ruin any hope they have of financial stability until their 40's. This is a generalisation of course but teaching our children financial literacy and how to avoid the temptations lurking when sales come along is so important. Finally, I don't think that you should be able to pay for restaurant meals and holidays on these schemes either and just use them for emergencies when they are worth it! Thanks for reading.

never tried and have no reason to do

Buy now pay later can be an advantage in an emergency breakdown and only used in emergency.

I only buy when I have the money.

I love Afterpay. Perfect payment arrangements which suit my budget.

Nothing BUT downsides ...but having been up against it in my child-rearing years, ...sometimes it is the immediate answer for the immediate need.

Buying something you cannot afford.

I 'think' you meant is there any upside (instead of downside) to buy now pay later? If not, then you answer your 'own' question in the 'Discussion of the Day'.

It is a debt. Basically an unsecured loan. No asset. It’s called “ bad debt”.

Yes and no

Depends on how much you are putting on there .

There is ONLY downsides to 'Buy now Pay later' schemes. The only people who profit are the ones who run the scheme. They target people who cannot afford to buy things out right and so end up paying way more than what the object is worth. People who run these schemes are the biggest vultures around, and I plan on never having anything to do with them.Edited 08-May-25 01:25am

You have answered your own question.."Temptation to buy more stuff than needed, increasing the risk of debt, defaulted payments, and lower credit scores"

There's always a downside to having it now and paying it later. You could lose your job ,your rent can go up , other wild expenses could crop up and then what? Take out another loan .. another credit card ..it goes on ..been there. No more credit for me .

DONT USE IT SO DONT CARE

Just save for it.

If you cannot afford it ....don't buy it....they are just WAITING to rip you off..there is little or no regulation...thats why the Big Banks have joined in....it's a feeding frenzy.....be very afraid....and the Government in Australia has done NOTHING so far...Edited 08-May-25 02:19am

Of course! If you don't have to pay "up front," you just might spend more than you can afford,

I never buy anything until I can afford it. Save first buy later.

It works as long as there is an offer of interest free for 9 months and you pay it off within the time frame. Home Depot does it. It sure helps when renovating.

Ask yourself what the positive aspects are.