Buy now, pay later (BNPL) services have become increasingly popular, allowing consumers to split payments over time without incurring interest. However, it can be easy to lose track of these payments, leading to financial consequences. A recent survey by Accredited Debt Relief found that 19% of U.S. adults carry at least one unpaid balance on a BNPL or retail installment plan, and nearly half of BNPL users have experienced financial consequences.
5 Ways to Stay on Top of Your BNPL Loan
To avoid financial difficulties, it’s essential to manage your BNPL debt effectively. Here are five ways to do so:
- Know your balance: Check your account balances regularly to understand how much you’re paying.
- Know your loan terms: Read the fine print to understand your repayment terms, including any interest or fees.
- Make a repayment goal: Set a specific and attainable goal to pay off your BNPL balance.
- Adjust your budget: Update your budget to include your regular BNPL payments and prioritize repayments over discretionary spending.
- Set intentions for the future: Use BNPL loans mindfully and consider setting intentions for how and when you’ll use them in the future.
By following these tips, you can stay on top of your BNPL loan and avoid financial consequences. Remember to treat BNPL loans as a tool, not a way to make purchases you wouldn’t normally be able to afford.
Original reporting: KRDO (Colorado Springs metro) — read the source article.
