Buy Now, Pay Later is a TRAP.
We've all been there. You're a few glasses of natural wine deep & finally feel brave enough to buy that $2,600 Bottega bag you can’t really afford. Then, like a sign from your financial fairy godmother, you see an offer to purchase the bag for $30/month instead with no interest, credit check, or upfront payments!
Sounds too good to be true! And it is. Buy Now, Pay Later is everywhere, begging you to use it, but please don’t fall for it.
Here are my top reasons why you should never use BNPL:
BNPL companies like Affirm, Klarna, Afterpay are similar to credit cards except you're not accumulating points and rewards! Use a credit card instead so you can build your credit history and get free flights & access to lounges! And the best part? Most credit cards now offer a pay over time option so if you need to finance something, you can do it through them.
There is data that shows BNPL increases your purchase amount bc they break big amounts into chunks. They are amazing at getting a $500 dress that you wouldn't have dreamed of purchasing feel reasonable.
We can slip into a dangerous place when we have too many sources of debt to pay off. Focus on the debt you have to pay off first before adding more to your plate.
Don't fall for buy now, pay later PLEASE! And yes- I know a lot of you use them responsibly and that's fabulous but also,
you're the exception.
Most people are not and it's causing tremendous financial stress and ruin and honey, I am not here for it. Also- let it be known that I get emails from these places every week offering me money to STFU and take down this kind of content but i ain't playing that game! They don't want you to know the truth- that they are predatory and out to get you. But you can't silence a financial pop star when it comes to her community's well being.
NOT IN THIS HOUSE!!
I can get you back on track! My Money101 course gives you the tools to get a handle on your finances, create realistic goals and gives you actionable steps to make your bank account sing and those credit card companies cry.
