Flourish eMAG Apr 25 - Flipbook - Page 53
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Many BNPL users juggle multiple accounts
across different providers, making it hard to
track what’s due when. This increases the risk of
missed payments, unnecessary fees, and 昀椀nancial
overwhelm.
MART TIPS TO USE
BNPL RESPONSIBLY
If you want to take advantage of BNPL without
falling into the debt trap, here are some golden rules
to follow:
Treat BNPL like cash – If you don’t have the
money available now, think twice before using
BNPL. It’s not free money—it’s just delayed
spending.
Stick to essential purchases – BNPL can be
handy for planned expenses, but avoid using it for
impulse buys or luxuries you can’t really afford.
Set up automatic payments – To avoid late fees,
make sure your repayments are automatically
deducted from your account on time.
Use only one BNPL service at a time – Juggling
multiple BNPL accounts makes it harder to track
payments. Stick to one provider if possible.
Read the 昀椀ne print – Know exactly when
payments are due and what happens if you miss
them. Some BNPL providers have hidden fees that
can sneak up on you.
FINAL VERDICT:
A SMART CHOICE
OR DEBT TRAP?
BNPL can be a great tool when used
wisely—it offers 昀氀exibility, convenience,
and interest-free payment plans. But if
you’re not careful, it can also encourage
overspending, lead to unnecessary fees, and
impact your credit score.
The key takeaway? BNPL isn’t a problem if
you’re in control of your 昀椀nances. However,
if you 昀椀nd yourself relying on BNPL
regularly just to make ends meet, it might be
time to reassess your budget and spending
habits.
So, next time you see that “Buy Now, Pay
Later” button at checkout, ask yourself:
Do I really need this?
Can I afford to pay for it upfront?
Will I be able to repay on time without
stress?
