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Navigating Buy Now, Pay Later: Pros, Cons, and Smart Strategies

Navigating Buy Now, Pay Later: Pros, Cons, and Smart Strategies

Many U.S. adults are turning to Buy Now, Pay Later (BNPL) options, with 39% having utilized these services for purchases. While BNPL can be a convenient way to manage larger expenses by allowing consumers to pay in installments, financial experts like Gloria Garcia Cisneros caution that it's essential to thoroughly assess one's budget before opting for this payment method. Consumers should consider whether they can truly afford the monthly payments without straining their finances, even if the initial offer is zero percent interest. Organization is key; knowing when bills are due and aligning payment schedules with income can prevent overdrafts. Additionally, understanding the fine print, including fees and penalties for missed payments, is crucial. Cisneros emphasizes that if used wisely, BNPL can be beneficial, especially for planned purchases. She also advises consumers to shop around for the best BNPL deals rather than settling for the first option presented.

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