For last couple of weeks ago, I covered enough blog post regarding debt & financial problems.
There is one thing that I haven’t covered it. Buy now, pay later. Another form of debt. That is what will be in today’s blog post.
What is Buy Now, Pay Later? moneysavingexpert.com experian.co.uk
It is something that you have the opportunity to buy something without having to pay until later date. Which adds a debt to it. It is part of the scheme. Buy Now, Pay later scheme.
The way I see, it is a gateway to debt. If you think that Credit Card debt or bank overdraft is bad enough, then Buy Now, Pay Later scheme debt is way worse. Especially for some people who aren’t carefully financially.
I read news articles a month about it regarding the Klarna matter.
My take on this.
Why on earth would somebody rely on the companies (buy now, pay later companies) & use the scheme to buy anything (mostly, expensive items & fashion/clothes) online and offline? When we want to buy any item, we just buy something and pay it. Without having to be in the awful position financially with debt. That’s when Buy Now, Pay Later debt comes into play.
Imagine hypothetically, I buy a sandwich, i paid for sandwich as normal (no problem) & then next thing without any knowledge, i am in debt (due to the ludicrous concept of “Buy Now, Later Now”) & that I am so shockingly stunned that I am in a dreadful position.
I am glad that it has not really happened to me & I do not want that to ever happen to me with Buy Now, Pay Later as I haven’t used any of the service (buy now, pay later service) so although it is your choice, I will never recommend to use the scheme (Buy Now, Pay Later with debt being added).
We really got to stop accepting debt as a good because it is not & it will never be a good thing in all form. Whether is bank overdraft, student loan, mortgage, car loan, buy now, pay later debt or credit card. Although I won’t judge you if you do use either of them, for me I would never step in anything that is a gateway to debt. Like Credit Card, Buy Now, Pay Later scheme is tricky & I really do not understand why buy something and then paying something at later date with being in the shackle of debt. It is better buying and paying at the same time than just buy something now and pay something later. It’s just doesn’t make any sense. It’s doesn’t make sense at all.
So yeah, Buy Now, Pay Later is a debt trap and that is why i would highly recommend anyone not to use it if you do not want to be in the awful situation.
No comments:
Post a Comment