Buy now, pay later (BNPL) services, which offer short-term installment loans, seem like an attractive option for consumers to finance their purchases without immediate full payment. However, according to financial experts at Bankrate, over half of BNPL users have encountered at least one issue with these services. Common problems include overspending, missed payments, and difficulties with returns and refunds. These issues can accumulate and create more financial strain than anticipated. Before opting for BNPL, it is crucial to consider the total cost of the purchase, not just the individual installment amounts. Additionally, one should thoroughly read and understand the terms and conditions of the service to avoid any hidden fees or penalties. Missing a payment can lead to late fees and potentially harm one's credit score. Therefore, while BNPL can be beneficial in some scenarios, it is important to approach this payment method with caution and due diligence.
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