{"id":220,"date":"2022-03-06T02:27:49","date_gmt":"2022-03-06T07:27:49","guid":{"rendered":"https:\/\/dev.pirg-test.com\/edfund\/resources\/buy-now-pay-later-plans-tips-avoid-pitfalls-4\/"},"modified":"2023-02-28T11:52:51","modified_gmt":"2023-02-28T16:52:51","slug":"buy-now-pay-later-plans-tips-to-avoid-the-pitfalls-3","status":"publish","type":"resource","link":"https:\/\/dev.pirg-test.com\/edfund\/resources\/buy-now-pay-later-plans-tips-to-avoid-the-pitfalls-3\/","title":{"rendered":"Buy Now, Pay Later plans: Tips to Avoid the Pitfalls"},"featured_media":11434,"template":"","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":false,"_yoast_wpseo_meta-robots-nofollow":false,"_yoast_wpseo_opengraph-title":"","_yoast_wpseo_opengraph-description":"","_yoast_wpseo_twitter-title":"","_yoast_wpseo_twitter-description":""},"campaign_tax":[157],"display_option":[],"issue_tax":[],"resource_type":[67],"region_tax":[],"state":[5,7,8,9,12,13,16,18,23,24,25,28,2,32,33,34,36,38,40,41,42,46,50,52],"topic_tax":[124],"class_list":["post-220","resource","type-resource","status-publish","hentry"],"acf":{"details":{"helper_taxonomies":{"topics":[124],"collection":false,"press_type":false,"person_type":false,"resource_type":67,"event_type":false,"campaigns":157,"department":false,"level":false,"states":[5,7,8,9,12,13,16,18,23,24,25,28,2,32,33,34,36,38,40,41,42,46,50,52],"act_option":false,"display_option":false,"primary":{"topic":124}},"subtitle":"","excerpt":"Complaints are soaring about this new financing scheme. Consumers making purchases as small as $50 online are often offered payment plans, which can turn into debt traps. Here are some tips to avoid the interest and fees that often come with these \u201cdeals.\u201d","featured_image":11434,"caption_override":"","updated_on":null,"sidebar_action":"","related_event":"","hide_hero_image":false,"location":"internal","external_link":{"publication_name":"","url":""},"file":null,"sidebar_action_query_string":""},"helper_people_group":{"title":"Authors","entities":null},"helper_downloads":{"title":"Downloads","files":null},"page_layout":[{"acf_fc_layout":"layout_wysiwyg","_acfe_flexible_toggle":"","component_wysiwyg":{"content":"

By Hannah Rhodes and Teresa Murray, Consumer Watchdog team<\/strong><\/em><\/p>\r\n

Complaints are soaring<\/a> about the \u201cBuy Now, Pay Later\u201d financing schemes that businesses increasingly are offering as an alternative to up-front payments in full. Consumers making purchases as small as $50 online are often offered these payment plans, which can turn into debt traps. Here are some tips to avoid the interest and fees that often come with these \u201cdeals.\u201d<\/p>\r\n

Do your homework before agreeing to a \u201cBuy Now, Pay Later\u201d program.<\/strong> This means reading the terms and conditions. If you don\u2019t want to take the time to read the fine print, you shouldn\u2019t agree to the payment plan.<\/p>\r\n

Understand the way BNPL plans usually work.<\/strong> Purchases are generally split into four payments, with the first due at checkout. The other three payments are typically due every two weeks and are billed to a credit card, debit card or bank account that you provided at the outset. This means you\u2019re entering an agreement for the privilege of paying for something over as little as six weeks.<\/p>\r\n

Realize that some BNPL programs charge interest,<\/strong> although most don\u2019t if you make your payments on time. If you\u2019re late on a payment, some charge late fees. In some cases, you may have to pay interest not just for one month, but for the duration of the repayment period.<\/p>\r\n

\r\nBe sure you always have adequate funds in your accounts to make BNPL payments.<\/strong> The BNPL payments may fall at different times of the month from your regular credit card statements, so be sure to budget appropriately!<\/p>\r\n

Realize that BNPL plans don\u2019t offer the federal protections<\/strong> that come with purchases you make by credit card. If an item purchased with BNPL is faulty, lost or stolen, that does not mean you will have protection against having to repay the BNPL loan. The federal government offers that safeguard for credit card users.<\/p>\r\n

Understand you are not guaranteed a refund. <\/strong>If you want to return a product you bought with BNPL, you may not be able to get a refund. Look at the fine print to find out whether refunds are available.\u00a0<\/p>\r\n

Know that most BNPL programs<\/strong> don\u2019t report your dealings to the credit bureaus that determine your credit score. If you\u2019re looking to build credit, there are better avenues, such as a secured credit card, rather than purchasing products with BNPL.\u00a0<\/p>\r\n

When agreeing to BNPL company terms and conditions,<\/strong> you may be agreeing to having personal information shared with third parties. It\u2019s understandable that BNPL companies can share your information with debt collection companies, but they may also share it with other third parties, such as Google, if you decide to track packages through their apps. Again, read the fine print!<\/p>\r\n

Don\u2019t get caught up in the ability to spend. <\/strong>Just because you can afford the first payment for a BNPL purchase doesn\u2019t mean you can afford them all. And, if you make more than one purchase through BNPL, multiple BNPL payments can start to eat up your spending for the month and it can become confusing about when which payments are due.\u00a0<\/p>\r\n

Consider whether you can delay the purchase<\/strong> until you have the money. Will paying for something over six weeks really help you?It\u2019s always best to pay for items outright rather than be subject to interest and late fees. \u00a0<\/p>\r\n

\u00a0<\/p>\r\n

Read our report on Buy Now Pay Later complaints<\/a><\/h5><\/body><\/html>","":null}}],"site_specific_content":""},"yoast_head":"\nBuy Now, Pay Later plans: Tips to Avoid the Pitfalls<\/title>\n<meta name=\"description\" content=\"Complaints are soaring about this new financing scheme. Consumers making purchases as small as $50 online are often offered payment plans, which can turn into debt traps. 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