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Author Topic: Many Are Addicted to “Buy Now, Pay Later” Plans, It’s a Big Trap  (Read 323 times)

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Offline Ptarmigan

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Many Are Addicted to “Buy Now, Pay Later” Plans, It’s a Big Trap
« on: February 15, 2024, 09:53:43 PM »
Many Are Addicted to “Buy Now, Pay Later” Plans, It’s a Big Trap
https://mishtalk.com/economics/many-are-addicted-to-buy-now-pay-later-plans-its-a-big-trap/

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Buy Now Pay Later, BNPL, plans are increasingly popular. It’s another sign of consumer credit stress.

The office of the Comptroller of the Currency defines BNPL as “loans that are payable in four or fewer installments and carry no finance charges.” They are generally offered to online shoppers at checkout.

The New York Fed discusses How and Why Do Consumers Use “Buy Now, Pay Later”?

A sign of a unhealthy economy.
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Offline Old n Grumpy

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Re: Many Are Addicted to “Buy Now, Pay Later” Plans, It’s a Big Trap
« Reply #1 on: February 16, 2024, 11:46:12 AM »
I use this method whenever I have a large purchase. But I do have the funds on hand to pay it off before the deadline and the 30% interest along with all the other BS fees they can tack on the squeeze every penny possible out of you.

I have two words of advice to anyone contemplating doing this number one have the money available to pay it off and number two read the fine print!
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Offline ADsOutburst

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Re: Many Are Addicted to “Buy Now, Pay Later” Plans, It’s a Big Trap
« Reply #2 on: February 16, 2024, 06:31:30 PM »
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The New York Fed discusses How and Why Do Consumers Use “Buy Now, Pay Later”?

My belief as to one reason why: People love to procrastinate. The average person sees the phrase "Pay Later", and they think "Oh great, I can put it off!".
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Offline DefiantSix

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Re: Many Are Addicted to “Buy Now, Pay Later” Plans, It’s a Big Trap
« Reply #3 on: February 16, 2024, 07:23:07 PM »
Quote from: ADsOutburst on February 16, 2024, 06:31:30 PM
My belief as to one reason why: People love to procrastinate. The average person sees the phrase "Pay Later", and they think "Oh great, I can put it off!".

Anybody who lets someone they don't know hang that kind of Sword of Damocles over their heads is insane. Waaay too much can go wrong between the whole "buy now" part and the "pay later" part. Especially in this glorious Bidenomics economy.

If you need it and have the money then buy it now and get the "payment pain" out of the way immediately. If you need it and don't have the money now, then save the money until you can buy it and pay for it right then. If you don't have the money and you don't need it, then STOP IT!!! Stop looking for stupid shit to throw away your money on.  :thatsright:
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