A growing number of young people are getting into debt by using “buy now pay later” payment plans, but are they a good idea to use? This article will explain some of the reasons why this is happening and what you can do to avoid it getting you into debt.
“Buy now, pay later” (BNPL) is a payment plan where you borrow money from a lender and agree to repay the purchase over time, with the option to pay off the balance in full at any time. It’s similar to a larger loan, except it’s typically just for a few small items bought online.
There are a few reasons why young people are getting into debt by using BNPL:
There are a few things you can do to help avoid getting into debt:
“Buy now, pay later” is a great way to get into debt quickly. It is popular with young people because it allows them to buy things they want without waiting for their paychecks to come in. However, it is essential to understand the risks involved before using one of these short-term loans.