Save Now, Play Later: Adopting a ‘save up for it’ philosophy vs. BNPL
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Buying now and paying later when shopping online has become America’s new way to pay-a natural progression for a country that runs on credit.
In fact, 60% of consumers use or have used the buy now pay later (BNPL) services for purchases, while 50% are currently making payments to pay off items bought through these services.
It’s easier than ever for shoppers to spend above their means and pay with money they don’t have at the time of purchase.
With Affirm, Afterpay, Klarna, and Uplift-among dozens of other platforms-consumers can pay in segments for anything from clothes to food to flights.
But it’s no coincidence that even experts at Forbes, BuisinessInsider, and CNN have warned people of the dangers of relying on BNPL services to finance their shopping habits.
Just because it’s as easy as a click of a button to purchase today and pay for it later doesn’t mean it’s good for your finances-here’s why:
