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Buy Now, Pay Later: Hidden Costs and Common Hassles
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Buy Now, Pay Later: Hidden Costs and Common Hassles

Buy now, pay later (BNPL) services offer an enticing way to break up payments on purchases into manageable installments, often interest-free or at a low interest rate. However, a report by Bankrate reveals that over half of BNPL users have encountered problems with these services. These issues range from overspending and missing payments to complications with returns and refunds. Financial experts advise that before jumping into a BNPL agreement, consumers should consider the total cost of the purchase rather than just the individual payments. It's crucial to read the terms carefully, as missing a payment could lead to late fees or negatively impact one's credit score. While BNPL can be convenient, it requires disciplined financial planning to avoid the pitfalls that many users have experienced. Understanding the full scope of potential costs and consequences can help consumers make more informed decisions and avoid unnecessary financial stress.

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