Wednesday WTF: April 19, 2017
Buy now, pay later…..
Happy Hump Day Friends! Don’t worry Friday is near. Today’s topic in my weekly series “Wednesday WTF” is the ever popular buy now, pay later loans. Places like the Brick, Leon’s, Bad Boy and Tepperman’s love promoting these loans. In my opinion, the name “Buy now, pay later” should be changed to “Get it now, Regret it later!” Short term loans for small amounts of money are idiotic. I touched on this last week a little bit with my post about Pay Day Loans.
They grab you with sexy terms like “Don’t pay a cent for 16 months.” What they don’t tell you is that they often backdate the interest charges to when you acquired the loan. That is definitely not a good thing. By the end of your payment schedule, you can end up paying more than double the original ticket price. That to me is utter and complete bullshit.
Consumerism is something that should be thought out. You have to know where you stand on this issue. Is stacking repayment upon repayment obligations into your monthly budget something that you are okay with? Is spending money that you don’t have something that you are okay with? If you take out a “Buy now, Pay Later” loan, you better make sure that you are saving enough during the interest-free period to pay off the loan in full. If not you are wasting your money and possibly hurting your financial future.
One of my favorite blogsters about finance, Mr. Money Moustache writes about having a life of luxury and how it can hurt you. I have attached his article and about debt. Thanks for reading my post today and don’t forget to tune in tomorrow for “Thursday Trim the Trash Time.” Have a great day friends!
“Debt can be the most addictive thing in the universe, and it can kill you. You get used to living high off the hog. It was intoxicating.” – Harvey Weinstein
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Joseph James Francis is a Financial Advisor. You can find him on various social media platforms and at budgetboss.ca.
https://www.youtube.com/watch?v=szwCRpO5hoM