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Buy Now, Pay Later

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https://www.bbc.co.uk/news/business-51195759

are you suspicious of companies with ‘buy now, pay later?’ options, or do you regularly use them without problems?

hspexy
1 month ago
What do you think of this?
Janhrrs
Janhrrs1 month ago

I wouldn't say I regularly use them but I have used them and found them useful at the time. For instance a freezer breaking around Christmas time when we had no spare cash. Bought on buy now and pay in 9 months. I divided how much it cost over 8 months, put that away each month and then had the cash to clear it before interest was added. I suppose the problem is being tempted to borrow more than you will able to replay and then being stung with extortionate interest rates which I believe they backdate to when you got the goods.

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hspexy
hspexy
Original Poster
1 month ago

Yes, that’s how they try to get you. I think I’d only ever get something on credit if the credit was on offer, but definitely best to steer clear

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DannySpeed
DannySpeed1 month ago

It used to be called "on the tick" lol, most of society used to do buy it now pay later rental agreements. In particularly for white goods. None of this buy it with 6 months credit, you got it but boy did you pay

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Johnny
Johnny1 month ago

I believe ‘on tick’ is an abbreviation of ‘on ticket’, e.g. an informal credit facility with a shopkeeper (such as a grocer, cobbler, or baker) where you sign for what you buy, to put it on your 'account', that you regularly settle.

The phrase more commonly used to describe formal hire purchase agreements (with interest) is to buy something on ’the never-never’.

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lornaae
lornaae30 days ago

I haven't used them personally, some of my friends use these with no issues but I am hesitant just in case there's fees later or something

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BonzoBanana
BonzoBanana29 days ago

When I see those buy now, pay later deals especially when they are zero interest I get annoyed if you see they have something like 6 small monthly payments and then a huge payment at the end. This is designed to make it awkward for the buyer who may find he can't make the huge balloon payment at the end so ends up paying additional interest on the product. I've bought a few items from Very in the past before closing the account after I'd made all payments. The deal was a large discount if you bought the items on account rather than paid in full at the beginning and wanted the discount.

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Faye1
Faye129 days ago

I wouldn’t use them but only because I do not like being in debt and owing money. Iv always been taught you pay for what you can afford and if you don’t have the money you dont get it. Every since starting work iv saved money and have money put away incase anything major broke in my house. A lot of places like that hope you don’t pay so they can add more interest on. so they make more money out of you

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