Buy Now Pay Later | The Problems & Why You Shouldn't Use It

#BNPL #Klarna #Affirm #Afterpay

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DISCLAIMER: I am not an expert or a financial advisor. I simply love talking about finances and want to share my journey to financial freedom and help others along the way!

[MF-ys]

The issue is not the service it is bad money management. If you are not financially disciplined you will misuse any tool or service, same goes for a credit card, line of credit etc.

[jaelasam]

This is precisely why there is a need for persons to become financially literate so they know what traps to avoid when on their financial journey 😕.

[sarahofshalott]

I generally feel like this is not a good thing, but I did use it to buy my sister's wedding dress as a gift for her. It was very nice to make a large purchase and not pay any interest. Obviously it would have been better to have the money upfront, but I did not.

[Jesse.D]

I’ve used it for groceries when my spouse was out of work and we were surviving on one income.

[KairyMarquez]

Great content. More of these videos please. Hugs from Gwinnett County, GA 💛

[oscarr]

Chase has an option for this, and uses your bank account. Minimum purchase is $50, and maximum purchase amount is $400.

[EmsFitVenture]

I think it’s okay to do every once in a while for a larger necessary purchase and if you are going to pay attention to it. I think it should only be used once at a time. I’ve used it to finance a $1000 mattress. I think the issue is that people are using this for something like clothes that aren’t a necessity and using it so often their payments become out of control. I’ve heard you can even use these for groceries now.

[TENNSUMITSUMA]

5:04
...if what you need is more than the limit on the card. You may need the thing now (think car repair), you may not have 2k one shot, but if you can do 500 every 2 weeks after a paycheck, then you can get what you need now and not be knee capped because you had to spend 95% of your pay on an unexpected bill, vs 15% every 2 weeks for 2 months (rough example)!

It's in the realm of logic as the rich not paying for stuff one shot with their own money. They use other people's money. Case in point: tenants paying the mortgage you owe over time, instead of you paying it one shot.

[madkea]

I don't see anything bad with these tools. It's just a matter of discipline. And I feel safe to assume your viewers are the kind to have the discipline to use these tools correctly or to know themselves well enough and avoid them to avoid being trapped.

[laurenlovesstories]

I'm so glad these weren't widely available when I was less in control of my money. It could have so easily spiraled way more out of control. I have used Klarna once for a major purchase for a Brompton bicycle, but I treated it as debt and tracked it that way. It can be useful but you definitely need to be on top of it.

[carolynbailey]

Great content! If only people would ask themelves, "Is this worth going into debt?"

[JaniVMD]

This was a great video on this topic! I will say I have used it before for things I was going to buy anyway, but wanted to spread the cashflow so I did klarna linked to my CC to pay it every two weeks. Never missed a payment and still got Rakuten and CC cashback for it. But I rarely use it.

[TENNSUMITSUMA]

12:55
...couldn't the same be said about a credit card?! Why have that instead of simply saving up for it?! What 'points'?!
😳🧐😅😂😆🤣💀⚰️✝️🤡‼️
The actual rich people (i grew up around them in Potomac MD K-12 from 1993-2005) don't chase credit card 'points' or 'perks'!

[zo_]

No Klarna in Australia. But we have afterpay.

[Applecitylightkiwi]

I use it all the time and my reasoning is that we have a huge trend of package theft through carriers and depos, if it doesnt arrive and obviously also insured i still have my money. This is the Netherlands. I dont see any other reason to use the panthom death services

[fourthprince]

I have used the chase one but I paid it off immediately I just wanted to hit the purchase threshold for an item I needed and got extra points.

[paigehandley]

If you’ve ever looked at the details on the Chase plans, they almost always have a fee. So they advertise no interest but then you get a plan “fee” which is a distinction without a difference to me.

[summerjoy]

I don’t see how these are any worst than credit cards which offer you rewards to spend more. And everyone says they don’t carry a balance yet the cc companies make billions per year.

[liquidsleepgames]

Every bit of stuff i have i paid for with cash. I dont due loans (minus house loan)

[longviewk]

My car died, and I've had to take the week off of work because I have no transportation to work. I did the calculations and it would take about $80-$90 a day in Uber trips without tips and I work 5 days a week which is too much money. I figured getting an E-Bike would be a much more affordable way to get to work but I cant just give $1200 to a Bike Shop for an E-Bike. Klarna is probably the best way for me to afford this long term option without getting into a very shitty auto loan because of terrible credit. How do you think I should go about this.