Crazy Money! Buy Now, Pay Later Survey Results
It’s Crazy Money Day!
Have you ever had a buy now, pay later loan? Lending Tree reported in April that they’re no longer being used for life’s indulgences. Their survey revealed that 27% used the loans as a bridge to their next paycheck. Hit with inflation, rising interest, and layoffs, buy now, pay later helped 1/4th of those surveyed make their ends meet. They’re used for basic necessities and 21% said they’d even use this form of debt to buy groceries. More than half of those surveyed admit to regretting buy now, pay later financing. They’ve discovered that fees and penalties are serious. Despite that, the number of Americans admitting to having used one or more of the plans is higher than last year. Apple Pay Later joined Klarna and Afterpay in March of this year. The loans are easy to get and often interest-free. The danger is that they accumulate and customers find it hard to keep up with their payments. Clothing, shoes, and accessories are the most common buy now, pay later purchases. Home décor, furniture, or appliances rank second. The vast majority of these fall into the category of wants not needs.
Here’s my tip. Stop spending more than you earn. Learn to do without. Save for what you truly need. Give thanks for what you already have! There are cracks in our economy, so ignore the crazy temptation to buy now and pay later. Prioritize a robust emergency account. Learn to be content with what you have and share with others. That’s where you’ll find true blessing!
Save your money and come join us at Crown’s 2023 Reunion. We plan to gather October 12-15 at Ridgecrest Conference Center near Asheville, North Carolina. For more details and registration, go to crown.org/reunion2023.