People are abusing Buy Now, Pay Later platforms and, in some cases, are using them to fund their entire lives, deferring payments on things like groceries and car insurance. It's insane! In the new video I just posted over on the reaction channel, we’ll be taking a look at some extreme cases of how people are ending up in terrible financial situations because of BNPL. Watch it here: https://www.youtube.com/watch?v=PvThi7McK00
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22 Comments
Toeknee @toeknee88 · 12h
It's one of the worst scams out there. It's like having a balance on a credit card.
Shub @shubam · 14h
It could be a slightly good financial move as you could make a tiny bit more interest leaving money in your account longer. However, 60% of people use BNPL to buy stuff they can’t afford and a lot of people end up paying late fees. Probably best to avoid like I’m sure you’ll say in the video
Brandon Ellingson@brandonellingson · 14h
Major Banks posted record profits because of all this. Buy financials I guess
terry @weeklydividends · 13h
Having a credit card in my pocket is only to be used once in a while. I use it only to keep up my credit score. Have maintained a excellent score for years. People are well aware that they are getting into debt and think that paying a little a month is good. When they are only digging in deeper.
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