Is Buy Now, Pay Later A Good Idea For Consumers?

Video quality	The size	Download

Information Is Buy Now, Pay Later A Good Idea For Consumers?

Title	:	Is Buy Now, Pay Later A Good Idea For Consumers?
Lasting	:	11.18
Date of publication	:
Views	:	459 rb

it's modern layaway
Comment from : Zoeii ZiZZles

If you can’t afford it now, in full; why do you think you could afford it over 20 payments with interest added
Comment from : JibrilAMVS

The thing I like about affirm is it doesn't lower your credit score unlike a credit card
Comment from : Marlon Moore

I fell into this trap Took out about 12 loans through Affirm I paid them all off but it sucked having monthly payments for 6-12 months Don’t do it
Comment from : secunda_35

I can definitely see the need/demand for this kind of service for the right kind of consumer making certain purchases But, man, this could be very tempting for the wrong kind of consumer that doesn't quite understand how finance works and could quickly put themselves in a hole
Comment from : CTG Racing

the way these services work is like a fail safe so you dont get poteniacly scammed its a get now pay after thing you still need to afford the product without loans
Comment from : hjsti

The only real issue I see is peoplebrJust not handling their money wellbrbrIf you take out a Klarna loan, one you know you can pay back and you do so, there’s no problem, it only becomes an issue when somebody who doesn’t handle their money carefully comes along
Comment from : Dude Dude

Mass destruction weapons ?
Comment from : pascal musabyimana

New subprime mortgage?
Comment from : pascal musabyimana

this will only get people in debt they wont be able to get out of if you cant afford it, dont buy it
Comment from : trodg

Nope it's a rich man playing a poor man
Comment from : evywmsrlty50

I can buy all the items I want straight away, but I still use the pay in 30 days option from paypal very often, becasue it is effectively a free loan with 0 interest I still keep track of my spending and am very aware, of what I can and can not afford
Comment from : Jakob K

The problem occurs when people start to buy things that are more than their monthly income, mindlessly If x is your monthly income and y is the product that you're buying using BNPL, y < x should be the condition under which BNPL companies should allow the transaction (I would even say y < 075x would be ideal) brFor people with y < x, BNPL is just a convenience feature They can always choose to pay the whole amount since they have it at that point (which practically they won't do if x and y are very close if not for the existence of BNPL hence the y < 075x would make more sense) brThis can be implemented by linking your bank account (checking/savings) with the BNPL companies to check your available balance They may use companies like Plaid to do this too brThis way the company benefits from sales, BNPL takes a cut, and customers are restricted from making mindless purchases brThe idea of BNPL is incredibly beneficial to the economy, it's just the implementation that needs some thought
Comment from : YT premium

Are you seriously recommending more debt… Keep the poor poorer I see
Comment from : B_To_The_B

Buy now cry now thats why OO want you to know
Comment from : Jolly Ranch

I think it’s great… IF you know how to take advantage of it brbrYou should only use BNPL if you can already afford the item you want Most college freshman or high school kids might only make anywhere between $300-$600 a paycheck and probably only work park time, I know for a fact that if I had $600 in my bank account and I wanted a new pair of nike shoes I’d pay for it with afterpay instead because it gives me breathing room and I know I can already afford it without making a massive purchase for a the size of my wallet brbrAs long as you can be sure to cover yourself you should be fine
Comment from : Jayden Todd

Wait until gen z finds out about this magical thing called margin buying on crypto
Comment from : Sominboy27

I've never done the buy now pay later if I don't have cash to buy something I don't buy that's why it is very important to have a savings or an emergency fund I have one credit card and I have never carried a balance on it I saved for a new roof I saved for a furnace and air conditioning system
Comment from : Debbie Frampton

If you can't afford to buy it now, you shouldn't buy it Duh
Comment from : G June36

I use credit cards to build miles only I try and pay off the balance every two weeks (on payday) Over the years I built enough miles for 3 First Class tickets to Europe on British Airways
Comment from : avi8torguy 67

Terrible idea, but hey at least it's not as common in the US (yet)
Comment from : Unlimited Power

Just another sucker’s game
Comment from : fluxfaze

These BNPL companies are confident in the fact that the government will bail them out once they get too big too fail
Comment from : Bob of the Storm

Ironically, by not having debt, you can actually afford more!
Comment from : triforcelink

It’s a scheme designed for suckers
Comment from : cato

The next stage of loaning will more from ‘buy now pay later’ to ‘buy now pay in your next life’ brbrFurther kicking the can down the road
Comment from : Lau Peter

Always remember, the borrower is slave to the lender
Comment from : 50 Blades of Grey

Buy Now Cry Later
Comment from : X

I used Affirm for a $2,000 purchase, paid it off after a year, worked great for me at the time, I would avoid trying to do it again however
Comment from : James Newman

Why don't you just rename the title is credit a bad idea for the public
Comment from : jd88gtr 1

Here in Asia, prices are still the same and stable What’s happening to the United States? I thought you were the greatest country in the world What I see in your country is economic instability and chaos
Comment from : Glei

I love them
Comment from : Heather C

I use this for things I actually need… like when my heat went out and unneeded a heater on the fly and I couldn’t just outright buy one
Comment from : Mimi Reuser

You have to view it just as seriously as credit card, that’s the only way it works
Comment from : Grace

I did financing on my brand new Dell computer it only costs $120 a month to pay it off and it has 0 interest the computer is a Dell XPS computer
Comment from : Matthew Tasman

Buy now, pay later and become slave to the lender!
Comment from : Javier Osorio

I use it for small purchases never anything out of reach
Comment from : WadeLife

It’s bad news for credit card companies
Comment from : DarkBrandon2024

Only if you use credit to buy an ebike that replaces your car :)
Comment from : totoroben

Go try get a mortgage after this
Comment from : mixterz

The problem with all this inflation is the simple fact that it wont go down Even when all these pandemic and prior issues finally subsides, when financial institutions get wind that a people are capable of paying more, it will not find reason to reduce value NewYorkers now this tactic very well " oh we need to raise the costs just to cover the expense of bridge repairs' and yet when the repairs are done the rates dont go back down America is dealing with unbridled greed the future is not promising, and many are doubling down on getting as much as they can whilst they can And this is gone abroad as well we as a nation put ourselves in dire straights by selling out our own domestic work force in favor for cheap typically asian (chinese) labor and tax incentives We basically gave our golden egg laying goose, which was once are manufacturing prowess over to China to make the rich richer Selling our own for larger stockvalues We pulled the rug from beneath ourown feet and now we are at the mercy of China, for our own goods All this is the aftermath of bad decision making that goes as far back as Reagans presidential administration All that deregulation that snowballed from growth into corruption And now a world wide pandemic event, has thrown things into chaos The only good that has come from all this is the great resignation The pandemic gave people a moment to re-evaluated their lives to wake up and smell the fact theyve been getting screwed and havent been living for themselves but rather sacrificing their lives for the sake of their jobs and jobs clients that give next to nothing or less in return So now, all those that snubbed the work force, is either going under or begging for such workers to return Well we all get burned in this but their is justice for whats been done prior As so many made an institution of screwing their workers over so now its payback the workers have left, and have become their new competition thats karma for ya
Comment from : xevious2501

cant wait to see this world end
Comment from : Tommy Fanggidae

Sucker born every nanosecond
Comment from : skeptick

18 trillion student debt, auto loans through the roof, credit card debt nearing historical high and a proliferation of buy now pay hopefully later oh dont forget the catastrophe of 4 mortgages, nothing to see her things going just great
Comment from : skeptick

I do get the notion, it is a slippery slope but if you are smart enough and show enough restraint , it can be one of the best Atleast where I live (non US) we have BNPL providers providing really good offers and as it is no cost and no charges you really do save it And where I live they do report to beurau and it helped me get to an excellent score even before I started working formally
Comment from : Imon Roy

If you can’t afford it don’t buy it
Comment from : McGold

jaimerais
Comment from : Christian Chauvette

The rise of buy now , and some one will come and break your legs latter ???????
Comment from : Aaron King

The answer is NO! If you have to pay later, you are broke! Keep telling yourself that every time you are thinking about obtaining these services
Comment from : Duy Ly

Bnpl has more than 40 years in brazil… You should take a look Cheers !
Comment from : Francisco Sobrinho

Very nice (borat voice)
Comment from : Nehemaia Lord

That's what a credit card does None of the apps affect your credit score but it's the same damn principal I bet the credit card companies are funding and pushing these pieces because I've seen a few pop up over the past few weeks brPeople get in debt from credit cards, and I'm sure from these platforms, but a lot of people don't as well You have to set a budget, and be responsible Most big purchases require a loan of some sort unless you're raking in the cash It's basically saying " people are too stupid or irresponsible with their money to be able to handle this"
Comment from : Sam W

BNPL is 100 normal in Brazil, where there was massive inflation in the last couple of decades and most purchases can't be paid in full up front It's provided directly at the moment of purchase, on the card swiping machine
Comment from : phpmvk1

I love those apps Better than using credit card personally
Comment from : Jemarcus

I never use credit because it costs too damn much I saved and paid cash for my home I buy everything I need, as I can afford it If I can't afford it, I don't need itbrbrIf you need more money, we are instructed that to get more, we first need to do better with little How can we be trusted with more, if we can not do well with little?brbrBottom line is - An honest days pay, for an honest days work - Owe NO man anything Both are paraphrased from The Bible These have to do with loving your fellow man as you love yourself
Comment from : Smart Home

Didn't you all reporters promote that?
Comment from : Terry Song

This reporters voice and lack of speaking range made this a painful video to watch
Comment from : ONAIRwithDYLAN

"Only 3 easy payments of $75 with zero interest"brbrWhat could possible go wrong?
Comment from : David E Vogel

Can't wait for the next crisis
Comment from : clivepereira123

I always use credit (credit card or BNPL), when I buy/shop online I also never buy anything, I wouldn't be able to pay right away Only reason for me to use credit is buyer protection I don't feel comfortable paying for something, before I have it in my hands
Comment from : Eurocoin / Eurokolikko

This is actually better than credit card If your responsable enough of curse
Comment from : Oscar T

Wow Just an ad for more people to get bad debt
Comment from : Creighton Holub

I did use affirm to buy a really nice set of studded snow tires and paid it off over 3 months Can’t really see myself using it for frivolous purchases thought
Comment from : Cody Corey

Hell no it’s not good This one YouTuber said it best, “if you can’t buy 5 of them, u can’t afford one of them” You just wasting money Live below your means
Comment from : Dabaydestrian

If you’re broke and need steel toed boots for work, it’s a great idea Otherwise I would never use something like that If I can’t buy it 10x over in cash, I can’t afford it (unless it’s a huge expense like mortgage, even cars I prefer cash though)
Comment from : M Si

4:40 “It’s Gen Z, Gen X, and everyone in between” So, millennials 😒
Comment from : Drew Conway

okay, so they repackaged layaway
Comment from : Jen1112111

Notice they don't bring up the moral quandary in BNPL, it's simply another way to exploit consumer susceptibilities, and contribute to burgeoning consumerism and therefore consumer waste
Comment from : AxlToTheMaxl

A new way to put u in debt that's it, sometimes it ok to trust your gut
Comment from : bkburnaz

The only debt you should have is debt that’ll make you more money or investing in yourself
Comment from : ASP

Stay away at all costs If you don’t got the cash, you can’t afford it If I personally don’t have the cash to buy 5 of it, I can’t afford 1 of it
Comment from : M Safrons

Yeah this feels like a scam Never do this if you want to be financially stable
Comment from : Masha Johns

I’ve only used Afterpay and Klarna and I have a set payment amount I’m not willing to go over
Comment from : Nik-at-Nite

Since they don't raise wages they just increase the opportunities for debt Ever since credit cards became popular, wages have stagnated because people were able to maintain their lifestyle without the necessity of wage increases
Comment from : Dario Grossmann

This is a good way to lower your vrest score a nd kc udn loint s wil get you bannd be y cted ddwsu like tis loan dfjor
Comment from : MrShopjulius

These places are all in the greed wagon when you order something you shouldn't have to pay it until you get it and it is in perfect new condition Everythings backwards
Comment from : hard to find

Buy now, pay later, is so predatory I can’t stand seeing those ads
Comment from : nqcorama

Good way to accumulate debt and work till you diebrIf dead, becomes bad debt or written off :)
Comment from : Gary Ng

I had money to buy tires for my motorcycle and bought em with Affirm instead, 3 weeks later I lowsided and needed to buy more parts Glad I bought em with affirm
Comment from : No Dreams

I still don't get how this is any different from credit cards, it's just a worse version of credit cards
Comment from : Phlegethon

The financialization of America continues These people never stop coming up with different money 💰 games 🎮 to screw people over Smh! 😶
Comment from : Alpha Omega

Ah yes the glorified layaway programs lol
Comment from : Dana C

I never get approved even with good credit
Comment from : Leem Wills

It creates a sense of financial discipline within me I only do financing when I know I can pay it off without it
Comment from : Sanchayan Sarkar

This will increase inflation To hedge against inflation, invest into the market (Stocks), place brbrbrbrbrThis is not financial advice I am not a licensed professional
Comment from : Xcxvdvgdcb

Ok so I want to buy a 1000$ phone, I don't have 1000$ to spare for a phone So these people think hmmm i should pay interest on this depreciating tool Just live up to your standards and get cheaper or fewer items
Comment from : Ante Lukac

I understand that for larger appliances like a stove, if your stove broke and it can't be fixed I wouldn't do it for stuff you don't actually need though
Comment from : Ms_Cartographer

Americans discover coutas, in Argentina is the norm, for example a 20,000 ARS phone can be bought up to 18 monthly paid
Comment from : Luminas Art

I see that option popping up all the time where I live (Germany) and never understood why would I ever use it Like what is the benefit to buy now and pay Klarna in two weeks? Isnt that the purpose of a credit card? You put your expenses there and clear it once a month? To me it always seemed a scam If you cannot afford it DO NOT BUY IT! (And yes there are exceptions like university -though thats free in Germany-, mortgages and other serious reasons) But getting credit to buy H&M clothes is insane
Comment from : BioBio

They forgot to mention what’s really fueling the need for these services: Consumerism, materialism, greed, and superficiality, lack of delayed gratification, and lack of purpose, lack of gratitude Of course there will be the 1/10,000 who used this to get a computer to start a new company, but most of this is just going to be consumer debt The bubbles will pop eventually and everyone will cry “I was taken advantage of by these companies” whilst the companies cry “we didn’t know they couldn’t afford this” Companies will get bailouts and nobody will learn a lesson to prevent it from happening again
Comment from : Michael Donovan