The ‘Buy-Now-Pay-Later’ Trap

You don’t use AfterPay….do you?

J.D. Powers’ latest Banking and Payments Intelligence Report reveals that ‘buy-now-pay-later’ financing is growing among shoppers under age 45. They want to avoid the high interest of credit cards. However, failing to pay on time punishes them with interest and penalties. Many people don’t understand how the payment methods work. Or, they make purchases from multiple retailers and can’t keep up with the terms. Affirm, Afterpay, and Klarna offer Buy-now-pay-later payment terms. Apple is now integrating the feature into Apple Pay. Unfortunately, they’re trapping a segment of the population with debt. Buy-now-pay-later can help those who need to replace an appliance or some big item when they don’t have available cash. Spreading out the payments can be a blessing if they have the self-control to avoid additional spending.

We live in a debt-ridden culture that’s virtually dependent on a constant expansion of credit to keep the economy going. It’s a symptom of people no longer willing to follow God’s principles. Debt should not be the norm for God’s people. It creates unnecessary stress and limits your usefulness in the kingdom. The solution is to set financial goals, adjust your lifestyle and reduce spending. Stop the impulse shopping! Say no to interest, penalties and late payments. You’ve been entrusted to manage God’s money. By planning ahead, you can avoid the buy-now-pay-later lifestyle!

And if you’re struggling to make ends meet due to credit card debt, I recommend Christian Credit Counselors. They’ll create a debt management plan that will work for you. For more information call the Crown Helpline: 800-722-1976 or visit online at crown.org/ccc.