Learn How and When You Should ‘Buy Now and Pay Later’ for Furniture

According to Ngo, don’t get excited and buy random products. Extra-purchasing or buying small things because you find them attractive will not be helpful since getting plenty of things thinking that you can pay off the debt will lead you to face dreadful financial issues. No doubt, in the end, you’ll regret overspending. 

 

Cabiles highlights that paying the remaining balance after weeks leads you to face late fees if you buy any product thinking that you’ll quickly compensate the payments. 

Also, some platforms charge your credit card or debit card when the balance is due. And if you’re using a credit card and carry a balance, you could experience interest charges. Buy now, pay later may ask for a credit check. Thus, make sure you read the fine print so that you exactly know what you will adopt. 

Why You’re Doing It?

People who have good practical knowledge or can make sound judgments might choose buy-now, pay-later option at the checkout since they know they can pay on time.

Make sure you’re responsible enough for your expenditure and consistently track your expenses. Consider the debts or installments a big responsibility and pay on time as you pay other utility bills every month. 

 

Furthermore, there are plenty of things to be done in a month like fees, bills, grocery, etc. Keep aside the installment amount to avoid budget deficit and financial stress as it is crucial to be accountable while taking the buy now pay later furniture. 

And according to Steve Sivak, CFP, founder of Innovate Wealth, it’s easier said than done but living within our means is the key. If you’re not disciplined and can’t control squandering, then always give cash to the sellers.  

Choose to buy now pay later only when you can handle debt or installments responsibly.