Have you heard of buy now, pay later options such as Klarna, Afterpay, and Affirm? Even though they offer convenience and one low monthly payment on large purchases, they may negatively impact your debt and cash flow.
What Are Buy Now, Pay Later Options?
Buy now pay later (BNPL) options are services such as Klarna, Afterpay, and Affirm that offer smaller payment in monthly installments on purchases large and small. Whether you’re looking to purchase a gift for a friend or family member. book that next vacation, or snag some furniture for that new apartment, these are convenient solutions for large purchases that free up short term cash flow. The catch? The more buy now, pay later purchases you make, the more pressure there is on your monthly cash flow. Additionally, these payment options can have high interest rates, while also encouraging purchases on items that would not have otherwise been affordable.
If you’re struggling with BNPL debt, or credit card debt, PDS may be able to help. Contact us today!
