, but you should also check the individual companies terms and conditions.
"Remember the buy now, pay later product is a merchant-pays product and so ultimately, we're all paying for that," he says.affects your ability to borrow moneyAnd, even if you are meeting your repayment dates, banks consider any sort of buy now, pay later debt when you're applying for a loan — whether that's ahow much you're spending with buy now, pay later services."I was shopping a lot more than I would have previously, so my spending went up," she explains.
"To me, it feels like the alcopops of finance. They dress it up to make it look really friendly, but it's not," she says.If you do want to use BNPL, you should stick to a spend limit and only have one buy now, pay later account at a time, says Deb Shroot, a financial counsellor at the National Debt Helpline.She regularly speaks to people who have up to eight BNPL accounts, with unmanageable combined debts.
It looked bloody dodgy to me from the go. I still use lay-by and a debit card and have no retail debt.
What a stupid article. To avoid the debt trap is as simple as 'DON'T USE IT'
Thanks for explaining the trap
Which big bank sponsored this story?