Savings Day – Save and Avoid Afterpay
Have you fallen for Afterpay?
Years ago, when I was speaking throughout Brazil I noticed that store after store allowed the purchaser to select a payment plan at checkout. That concept has now come to America. Afterpay is a buy-now-pay-later service targeting those with instant gratification spending habits. It has a fast, easy approval process, doesn’t charge any obvious interest, and splits purchases into four installments. 25% is required immediately and the remaining three payments are due every two weeks. It attracts those who fear credit card debt or don’t want to pay the cost of carrying a balance. Sounds good, right?
Well, the problem with any buy-now-pay-later service is the appeal to impulse spenders. They have no motivation to exercise self-discipline. Now there are exceptions, but Americans are falling deeper and deeper into debt. Afterpay thrives on late payment fees. Undisciplined shoppers will suffer the consequences of foolish spending. Multiple purchases are hard to keep track of and fees will add up.
A.W. Tozer said, “The greatest test of faith is to wait on God…not expecting to push a button and get whatever we want now.” Waiting to spend is also one of the greatest characteristics of a good steward. Financial bondage is the natural consequence of misusing the resources God has entrusted to us. When we learn to make sacrifices and save for purchases, the joy in attaining them is much greater. Plus, Afterpay isn’t needed!
And if you’re struggling to make payments because of Afterpay or credit card debt, I recommend Christian Credit Counselors. They’ll create a debt management plan specifically for you. For more information call the Crown Helpline: 800-722-1976 or visit online at crown.org/ccc.