'It’s so easy to get caught up in those payment forms. You see payments of $20 and think you can do that. Next thing you know, you owe $600 to various stores because the payments seem easy at the time.'
Shyam Pradheep is the General Manager of the Gen Z-founded, gamified financial literacy appShyam says that the BNPL services that have been showing up all over the internet are a new version of an old concept."It's just another form of credit," he says, noting that credit cards have been popular in the US since the '50s and '60s.
"It’s so easy to get caught up in those payment forms. You see payments of $20 and think you can do that. Next thing you know, you owe $600 from various stores because the payments seem easy at the time.""When all those 'pay later' purchases become 'pay now,' you definitely start to feel the regret! It adds up."Some people even admitted to buying items that they otherwise might not have purchased.
"I used Klarna, and the first payment went okay. The second payment was not easy to make. I barely made it on time after a lot of hassle. I paid it off as soon as I could after the second payment, and I've never used it again. I felt like Klarna was trying to block me so they'd collect more. Never again.""I used BNPL for a vacuum cleaner that cost $289.
BNPL is NOT like a credit card. You can't make monthly payments or arrange to skip a payment or use payment protection or whatever. These companies will hound you until the end of time for their money.Shyam says BNPL plans can be especially tricky to manage when your financial situation changes."It doesn't have those interest fees, and as a result, they do not offer the same level of flexibility as credit cards.
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