Want to buy now, pay later this holiday season? Ask yourself these 5 questions first
1 year, 1 month ago

Want to buy now, pay later this holiday season? Ask yourself these 5 questions first

LA Times  

“Buy now, pay later” payment plans are a popular financing option, especially around the holiday season. “Buy now, pay later,” a type of payment plan that divides the total cost of your purchase into smaller installments, is offered at most major retailers, including Walmart, Target and Amazon. The short application, immediate approval decision and no hard credit check can make buy now, pay later seem like a no-brainer financing option, but experts say it’s risky. “So we make a little payment here, a little payment there, and then pretty soon every dollar of our income — and then some — is spoken for.” Take into account your other obligations and know how you’ll cover each installment before signing up for buy now, pay later.

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History of this topic

‘Buy now, pay later’ is more popular than ever. It can cost more than you think
3 weeks, 3 days ago

‘Buy now, pay later’ is more popular than ever. It can cost more than you think

LA Times  

More shoppers than ever are on track to use “buy now, pay later” plans this holiday season, as the ability to spread out payments looks attractive at a time when Americans still feel the lingering effects of inflation and already have record-high credit card debt. Buy now, pay later can be particularly appealing to consumers who have low credit scores …

‘Buy now, pay later’ is more popular than ever. It can cost more than you think
4 weeks, 1 day ago

‘Buy now, pay later’ is more popular than ever. It can cost more than you think

Associated Press  

NEW YORK — More shoppers than ever are on track to use ‘buy now, pay later’ plans this holiday season, as the ability to spread out payments looks attractive at a time when Americans still feel the lingering effect of inflation and already have record-high credit card debt. Buy now, pay later can be particularly appealing to consumers who have …

What the new 'buy now, pay later' rule means for small businesses offering the service
6 months, 1 week ago

What the new 'buy now, pay later' rule means for small businesses offering the service

Associated Press  

NEW YORK — “Buy now, pay later” services are a popular way that shoppers pay for goods. If something goes wrong, consumers could blame the small business — even if they have nothing to do with the payment plan. AP AUDIO: What the new ‘buy now, pay later’ rule means for small businesses offering the service AP correspondent Mae Anderson …

Users of buy now, pay later services to undergo credit checks under proposed new law
6 months, 2 weeks ago

Users of buy now, pay later services to undergo credit checks under proposed new law

ABC  

In short: Proposed new legislation will require buy now, pay later services to do basic credit checks on new customers to make sure they can afford the service. Proposed new legislation will require buy now, pay later services to do basic credit checks on new customers to make sure they can afford the service. Users of buy now, pay later …

Buy now, pay later companies must adhere to credit card rules
6 months, 4 weeks ago

Buy now, pay later companies must adhere to credit card rules

LA Times  

The Consumer Financial Protection Bureau, led by Director Rohit Chopra, says in a new rule that buy now, pay later lenders must provide the same protections and rights as credit card providers. Buy now, pay later companies must provide consumers with the same legal rights and protections as credit card lenders do, the Consumer Financial Protection Bureau said in a …

Buy now, pay later companies must adhere to credit card standards, consumer agency says
7 months ago

Buy now, pay later companies must adhere to credit card standards, consumer agency says

Associated Press  

NEW YORK — Buy now, pay later companies must provide consumers with the same legal rights and protections as credit card lenders do, the Consumer Financial Protection Bureau said Wednesday in a new rule. “Regardless of whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and …

More Americans are expected to ‘buy now, pay later’ for the holidays. Analysts see a growing risk
1 year, 1 month ago

More Americans are expected to ‘buy now, pay later’ for the holidays. Analysts see a growing risk

Associated Press  

NEW YORK — Consumers are expected to use “buy now, pay later” payment plans heavily this holiday season, a forecast that bodes well for retailers but that has credit experts again sounding alarm bells. Vivek Pandya, lead analyst for Adobe Digital Insights, said that “rising interest rates, inflation in food prices, and resuming student loan repayments” have increased costs for …

Buy now, pay later services will be considered credit products by the end of the year. Here's how it will work
1 year, 7 months ago

Buy now, pay later services will be considered credit products by the end of the year. Here's how it will work

ABC  

Australia has joined the UK in regulating the buy now, pay later industry, under sweeping changes announced by the Financial Services minister on Monday. Financial Services Minister Stephen Jones told a borrowing and lending conference in Sydney that buy now, pay later "looks like credit, it acts like credit, it carries the risk of credit" and therefore the services would …

Should you buy now, pay later for your wedding?
1 year, 8 months ago

Should you buy now, pay later for your wedding?

LA Times  

“Buy now, pay later” plans let you break up your wedding purchases into smaller installments that you pay over a series of weeks or months. Couples may turn to increasingly popular “ buy now, pay later ” payment plans to ease the burden. “It’s a way to pay in bite-sized amounts that fits into how couples are used to budgeting.” …

The downsides of the ‘buy now, pay later’ trend
1 year, 8 months ago

The downsides of the ‘buy now, pay later’ trend

LA Times  

Starting this week, Apple is rolling out its version of “buy now, pay later.” Using a short-term loan to finance a small or medium purchase — Apple says Pay Later loans will be available in amounts from $50 to $1,000 — is “sold like a no-brainer” to consumers, personal finance expert Carmen Perez said. And there’s still negative consequences for …

Apple rolls out buy now, pay later service, with guardrails
1 year, 8 months ago

Apple rolls out buy now, pay later service, with guardrails

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Branded as “interest-free loans,” buy …

In a year marked by inflation, 'buy now, pay later' is the hottest holiday trend
2 years ago

In a year marked by inflation, 'buy now, pay later' is the hottest holiday trend

NPR  

In a year marked by inflation, 'buy now, pay later' is the hottest holiday trend Enlarge this image toggle caption Peter Dazeley/Getty Images Peter Dazeley/Getty Images Buy something now, pay later: It's changing how we shop. "With 'buy now, pay later,' I feel more — I don't know if responsible — but I feel more on top of it," says …

As ‘buy now, pay later’ plans grow, so do delinquencies
2 years, 3 months ago

As ‘buy now, pay later’ plans grow, so do delinquencies

Associated Press  

NEW YORK — Americans have grown fond of “buy now, pay later” services, but the “pay later” part is becoming increasingly difficult for some borrowers. Given those features, consumer advocates and financial advisors initially had seen buy now, pay later plans as a potentially healthier form of consumer debt if used correctly. “If these buy now, pay later plans are …

EXPLAINER: What to know about ‘buy now, pay later’
2 years, 3 months ago

EXPLAINER: What to know about ‘buy now, pay later’

Associated Press  

NEW YORK — Since the start of the pandemic, the option to “buy now, pay later” has skyrocketed in popularity, especially among young and low-income consumers who may not have ready access to traditional credit. Branded as “interest-free loans,” buy now, pay later services require you to download an app, link a bank account or debit or credit card, and …

Beware! Buy now pay later can impact your credit score
2 years, 9 months ago

Beware! Buy now pay later can impact your credit score

Live Mint  

When you buy something on digital marketplace, or use the post-paid services of cab aggregator, the service will naturally look tempting at the outset. Cab aggregator app Ola-run ‘Ola Money’ enables customers to pay for Ola rides and even pay for a range of other services including cinema, movies, shopping, medicines, among others. Amazon also offers a similar facility known …

‘Buy now, pay later’ catches on just in time for holidays
3 years ago

‘Buy now, pay later’ catches on just in time for holidays

Associated Press  

SAN FRANCISCO — As Americans shop for the holidays, they will likely see a swarm of offers to get their gifts now but pay for them later in fixed monthly installments. One major credit card company says roughly six out of every 10 of its U.S. customers started a buy now, pay later program for the first time this year, …

One in five consumers using buy now, pay later miss payments, but ASIC stops short of imposing new regulation on the sector
4 years, 1 month ago

One in five consumers using buy now, pay later miss payments, but ASIC stops short of imposing new regulation on the sector

ABC  

Australia's corporate watchdog says some consumers are having to cut back on essentials such as meals because of debt they have racked up from using buy now, pay later, warning one in five consumers are missing payments. Key points: ASIC has stopped short of recommending that buy now, pay later players be regulated in the same way as credit card …

‘Buy Now, Pay Later’ Is Popular During The Pandemic, But Is It Safe?
4 years, 4 months ago

‘Buy Now, Pay Later’ Is Popular During The Pandemic, But Is It Safe?

Huff Post  

Buy now, pay later: If you’re shopping online with a tight budget, it seems like an offer that’s hard to refuse. The Dangers Of BNP Though BNPL companies market themselves as “interest-free,” that can depend on your payment schedule and credit score, Anastasio said. Rossman said that even though your score could suffer if you miss payments, most of these …

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