Think before you embrace BNPL. These are the 6 disadvantages

In this Fintech era, every individual has access to credit irrespective of credit score and current financial situation, which opens up numerous opportunities for new and small business owners. Unmanageable debt: By allowing individuals to purchase items without immediately paying for them, "buy now, pay later" schemes can encourage you to spend beyond your means, leading to increased debt. Higher interest rates: Many "buy now, pay later" schemes charge higher interest rates than traditional forms of credit, such as credit cards or personal loans. Economic instability: The widespread use of "buy now, pay later" schemes can contribute to economic instability, as it can lead to increased levels of consumer debt and reduced savings rates. Potential for fraud: Some "buy now, pay later" schemes may be more susceptible to fraud or misuse than traditional forms of credit, particularly if you rely on less secure payment methods or lax verification processes.