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AARP | Is ‘Buy Now, Pay Later’ a Better Way to Shop?

in the news Jan 12, 2022

A recent Credit Karma survey found that a third of shoppers who used BNPL fell behind on their payments, resulting in a lower credit score for nearly three-quarters of them. “If you have a hard time sticking to a budget, and you perhaps lose track of your spending, this could be a risky option for you,” says Colleen McCreary, consumer financial advocate at Credit Karma. Says New York City financial adviser Tom Henske: “If you can’t afford a purchase, it doesn’t help you to spread the payments out; you still can’t afford it.”

Lisa Lee Freeman, a consumer and shopping expert, was founder and editor in chief of ShopSmart magazine from Consumer Reports.

https://feeds.aarp.org/money/budgeting-saving/info-2022/buy-now-pay-later.html?_amp=true

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