#1
#1 out of 1
shopping8h ago
Should you use buy now, pay later? Experts share 4 tips to know
- BNPL use rose with Cyber Monday financing surpassing $1 billion, signaling growing consumer adoption.
- Analysts project BNPL financing to reach about $20.2 billion by year-end, up 11% from last year.
- BNPL can help manage purchases for people with limited credit history, but misses can hurt credit scores.
- Experts advise only using BNPL if you can pay the full amount and avoid existing credit card debt.
- Consolidating BNPL plans can help track payments and reduce hidden interest.
- BNPL lenders aren’t as strictly regulated as credit cards, potentially limiting dispute rights.
- Consumers are urged to watch for impulse purchases and assess total costs before confirming BNPL.
- BNPL plans can have different billing cycles and may impose interest on longer terms.
- Late BNPL payments can affect credit scores and debt collection, impacting financial health.
- NPR Life Kit offers practical tips and cautions from finance professionals and researchers.
Vote 0