As back-to-school shopping approaches, parents are bracing for nearly $39 billion in spending, with many considering "buy now, pay later" plans to ease the financial burden. These plans, which allow shoppers to acquire school supplies without immediate payment, are gaining popularity due to their convenience and lack of credit checks. However, personal finance expert Sara Rathner from NerdWallet warns that while these plans can provide short-term relief, they pose significant risks. The ease of signing up for multiple plans can lead to overwhelming debt if parents are not careful. Rathner emphasizes the importance of ensuring that sufficient funds are available to cover all payments, as missed payments can negatively impact credit scores. Parents are encouraged to weigh the pros and cons of these financing options and to approach them with caution to avoid falling into a cycle of debt during the back-to-school season.
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