How Buy Now Pay Later Schemes Can Create Serious Debt Issues?
• Buy Now, Pay Later (BNPL) is basically a kind of short-term financing scheme, which functions like an interest-free loan that needs to be paid back in regular instalments. This arrangement of payment has many advantages for consumers. The payments for your purchases are made automatically through the BNPL provider you’ve opted for, which is very convenient for consumers.
• The amount borrowed from BNPL providers is mostly interest free, although there is a late fee chargeable for delayed payments. The total amount to be paid is divided equally into regular installments by your BNPL provider and is automatically debited from your account. A Late fee is charged only if your account has insufficient balance to make the payment on time. Thus, BNPL works as an alternative for credit cards. However, not everything is as rosy as it seems, and this payment arrangement has certain disadvantages too.
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