Should You Avoid Buy Now, Pay Later? - Money Tip Tuesday

<p style="text-align:left;">Is the convenience of buy now pay later checkout options all that it’s cracked up to be? Keep listening to learn the pros and cons of buying now and paying later. </p> <p style="text-align:left;">Links: </p> <ul style="text-align:left;"><li>Follow our <a href='https://www.facebook.com/pg/MakingMoneyPersonalPodcast/posts/?ref=page_internal'>Facebook</a>, <a href='https://www.instagram.com/makingmoneypersonal/'>Instagram</a> and <a href='https://twitter.com/TCUpodcastMMP'>Twitter</a> pages!</li> <li>Learn more about <a href='https://www.trianglecu.org/home/home'>Triangle Credit Union</a></li> </ul> <p style="text-align:left;">Transcript: </p> <p style="text-align:left;">Welcome to Money Tip Tuesday from the Making Money Personal podcast.  </p> <p style="text-align:left;">When online shopping, you might have noticed an option to check out with Afterpay, Klarna, or Affirm. These are the most well-known Buy Now, Pay Later providers.  </p> <p style="text-align:left;">Buy Now, Pay Later (BNPL) is a way to finance purchases so that you can pay for them in weekly, bi-weekly, or monthly installments rather than paying in total at the time of purchase.  </p> <p style="text-align:left;">This system is similar to layaway where purchase payments are split up into more manageable amounts; however, unlike layaway, with BNPL, you get your products upfront and make the payments after.  </p> <p style="text-align:left;">Every Buy Now, Pay Later servicer operates a little differently. Some will require 25% of the cost upfront with the remaining 75% split between 3 payments over the following 3 weeks, while others allow for zero-down payments.  </p> <p style="text-align:left;">If you’re considering Buy Now, Pay Later, weigh out the pros and cons first to see if you should avoid it or not. </p> <p style="text-align:left;">Pros of BNPL:</p> <ul style="text-align:left;"><li>0% Interest Rate: Many BNPL providers offer a 0% interest rate which allows you to pay the total balance without accruing any extra inter