Everything Wrong With Buy Now Pay Later

So I have a strange mind, I don’t trust anything so I always have to do research. SO when a company tells you, pay later and buy now, I’m always interested in how does the company win, because nothing is free in this world of business.

So in this video I’ll tell you why I only ever did this buy now pay later nonsense once in my lifetime and I will never do it again.

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When I did it

Back in the day paypal had this program

You bought something for more than $99 and they gave you 6 months to pay it off

I’m not sure what it was that I bought but I paid it before the 6 months was over

However:

I then found out, that the catch was, that the interest was accumulating

And that if you didn’t pay before the 6 months was over

Then they would charge you all that interest all at once

I got lucky but many people didn’t

By the way:

The ugly truth is that this is just another version of that but a little more clever

And most of the stuff people buy, they wont remember in less than 12 months

Beucase its usually stupid stuff but in the moment you’ll convince yourself that you need it

Here are the details

This is an installment loan ( sometimes its free and sometimes they charge interest from the very beginning but its 100% of the time a bait )

The bait is this:

If you want to buy these airpods Max from apple for $550

Why not break it down into 4 payments, and pay one part every 2 weeks

So that’s $138 at check out and 138 3 more times

However:

If you cant finish it ontime, that’s fine we will just charge you a fee and start charing you interest

Anywhere from 0% to 36%

And some late fees can be as high as 25% of the pruchase price ( its crazy )

Now the problem is not the apps, the problem is people

Instant gratification

Want to own something today that you cant afford

And ghetting yourself stuckl in debt

All these little payments they add up

You owe money on your credit cards

On these pay later accounts

On your car ( you’re entire life becomes a circle on incompetence )

My advice:

If you cannot afford to buy something in cash, don’t buy it

If buying something will cause you to lose sleep, don’t buy it

I personally:

Bought a MacBook on a credit card and a bunch other dumb stuff

You keep thinking you can afford something based on the payments and not on the purchase price, that’s stupid

Today I’m 100% debt free and practice saving to buy the things I want instead

This is a type of installment loan

Most have a pay in four model ( where you make 4 payments with the first being due at check out, and you pay the other 3 every 2 weeks )

I want to buy some

The cool part: you can have bad credit or no credit and still qualify.

You can always tell how they win by looking at how its advertise to businesses

Access more customers

Seemlest checkout

Speedy decision

Dynamic promotions

https://www.paypal.com/us/enterprise/pay-later/?utm_campaign=23_NA_LE-ABM_PaidMedia-Ads&utm_source=GoogleSearch&utm_medium=Paid&utm_content=NT_PROSP_Paylater&kid=p71783709072&gclid=Cj0KCQjwj_ajBhCqARIsAA37s0wm737Sw-JlrPavX1xKs35slfAguWKLxWfrAuZQ971T5uVdbkYmYJQaApAqEALw_wcB&gclsrc=aw.ds

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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