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The Buy Now, Pay Later Concept: Is it Worth it?

The Buy Now, Pay Later Concept: Is it Worth it?

The Buy Now, Pay Later Concept: Is it Worth it?

Credit cards offer you so many advantages and with them   you can make several  purchases.  But despite all the advantages that comes with holding a credit card it can also create a lot of problems for you if you are not careful, responsible, and you do not read the fine print.

It creates a lot of problems for some people if you are not careful you can end up incurring high finance and interest charges that will make it almost impossible to repay back your bills and thus, lead you to huge credit card debt you may never get out. However, it’s possible for you to stay clear of unnecessary  debt if you can take heed to the tips below:

FYI

If you have one, consulting your financial advisor is very important if you are thinking of applying for credit  cards to determine the necessity.

When you get the card make sure you keep every receipt and compare them with your monthly bill, as there may be discrepancies which can drown you in debt if you don’t discover it and once  you discover any, report to your credit card company immediately.

Giving your credit card to friends and family is one of the ways to ensure more debt, so keep your credit card away from friends, families and definitely strangers if possible. However, if you have credit responsible family members I guess that is ok, but why would thy need them if they are credt worthy?

Make sure you don’t owe more than you can repay at the end of the month as it can damage your credit and hurt your chances of getting credit in the future. Learn to see your credit cards as loans you have to pay back every 2 weeks and this method will help decrease with interest as well.

One of the mistakes that I know I HAVE made was   paying on one credit card with another and it actually cost me more money as this method   will surely lead you to more debt that you may find it difficult to get out of it.

Quad pay and After Pay

A lot of companies offer the buy here pay here now such as Quad pay and After Pay which are great as they they take their payments out every 2 weeks in 4 installments.

It’s essentially like layaway but you get the product up front and it alleviates putting  a large purchase on your card. I use After pay all the time and it keeps me afloat because it sends me an alert when my payment is due, and the payment is lesser than the amount that I would pay on my card monthly.  DON’T get it twisted, it is still debt but this option may be more manageable in your situation. If you don’t have a credit card or don’t want to put a large balance on your card, it is still a form of debt, so it’s important to be realistic about your ability to pay it off.

Cost of Buy Here Pay Later

If using your credit card as you know there will be added interest to your statement the following month but with After Pay the paid amount will be divided into payments. However, as with anything always read the fine print and weigh your options out.

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