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Are Buy Now Pay Later Loans a Good Idea?

Frames Are Buy Now Pay Later Loans a Good Idea?

Description Are Buy Now Pay Later Loans a Good Idea?

Comments Are Buy Now Pay Later Loans a Good Idea?

My mom told me there’s only two things you should ever consider lending money for: a house and maybe a car, and even that should be avoided Comment from : Renucleous

hm, there's interest now in Canada, it was short lived 😢 Comment from : Valdas V

I moved across the country and had nothing to start over with I did my best to find second hand items or otherwise source furniture and supplies I could afford But it was in the pandemic and some things were hard to manage I used BNPL for a couch and for a washing machine but was very very cautious and careful about making sure I paid it off on time and on schedulebrbrThat said, they were incredibly useful when I needed them but definitely could be scary to get in the habit of using Comment from : LiquidSunnshine

It’s 2023 and people still don’t understand how debt works? Comment from : pedazodeboludo

Too many people online taking about"good credit" and being " finally literate" in the same sentence Comment from : crow

I have friends telling me about their BNPL schemes for a personal gym weightlifting set, a new smartwatch, while worrying about their rent all in the same conversation It's all I can do to just bite my tongue and not say anything as I see them spend their salaries on frivolous stuff they certainly don't *need* Comment from : kageKun

If you're borrowing money, you can't afford it A lot of us are facing Homelessness right now If we all decide to quit buying in to our abusers, we wouldn't need credit Borrowing is just being an enemy to yourself and an aid to thise who tear down your community Comment from : X95 23

How is BNPL any different than classic installment plan? Like, you don't have to pay interest (in most of the service) or you are buying clothes and gadgets instead of big purchases like a house but Comment from : shiho hennmi

Don't do it, ever I got rid of my credit card years ago Debit is the way to go in Europe but I understand a credit card seems to be a must in the US Am I right? Comment from : MrGearoid65

These are just another debt trap that plays on the poor and financially illiterate Comment from : Vice Admiral Crunch

Kmart had layaway Comment from : cool User

No Comment from : Alex

Short answer: NobrLong answer: Watch video Comment from : Patrick Prejean

I feel like you didn’t even mention the best part of BNPL Since there is no interest on the loans, the loans are essentially free money What other services gives you literally free money? brbrThe more you use BNPL to pay for things you would already buy, the more 0 interest loans you get Invest that in the stock markets and you are now making money off of free money Comment from : James Zhang

Is it just me or do others also find their narrative so soothing as well?? Comment from : udino

Bnpl is a lovely optionbut a loan is still a loan with a risk factorbrbrAll this must actually be taught in schools Comment from : auxilia sequeira

It only makes sense if you are in a country that has a high inflation economy Comment from : feras

I’m still getting used to Phil’s tattoo and luck of mustache 🥺 Comment from : Kapatwa Chama

I was upsold to a nicer model and spent double on my home HVAC system thanks to the lure of cheap credit — $15,000 loan with 2 years to pay it off at no interest I read the contract and assumed the bank issuing the loan was preying on consumers who skimmed the fine print and didn’t pay enough in two years to cover the full amount — and maybe they are — but it sounds from this video like they made 12 in merchant’s fees, too, and technically I got a better system for the same money as if I’d paid up front, the HVAC company got a bigger sale, and the bank stayed in business, so on the one hand, we’re all winners On the other, I’d probably have been happy with a $16,000 system No need to spend double Comment from : Mark Davenport

I lament the death of the stache Comment from : Gustavo Siu

You can now use "buy now, pay later", at bars Tipsy people ordering more and more drinks, not realizing how many drinks you've had until you get the bill Sounds pretty stupid to me Comment from : Kent S

Great financial advice Comment from : Hung Vu

Thanks for the heads up Comment from : skud

i have seen an item like "collectible" toy online and it's 6 bucks, but you can get it for the low low price of a dollar and fifty cents with 4 installment payments 😂 Comment from : 󠀡󠀡 dude

Phill looks like hes about to drop a sick dubstep mix Comment from : ミートローフLv 154

I was deeply involved with credit card and BNPL products, prepared analytics and wrote board papers for top-level meetings Most of the video is good, but the business strategy part is not correct, can't comment too much on this without violating trade secrets I do want to add, due to BNPL's relatively high delinquency rates, having it signals you are bad with your finance and this will significantly reduce your credit application outcome even if you keep your credit score at a healthy level because you are deemed more risky The outcome can be a significant increase on your mortgage interest offers resulting in tens of thousands of extra interest Think about your financial future before you just have to get that Gucci giraffe sock with BNPL Comment from : Tokoroa3420

I recently discovered your channel, doing really great job ❤ Comment from : Asif Adam

Remember don't buy stuff you don't have twice or triple the money for That'll help you in the long run I did that by buying my car and other stuff Really useful since after I bought my (used) car, I was able to afford the tax, insurance, and some repairs that I would've forgotten before buying a car Comment from : Karlen Bell

I have BNPL account across 3 platform It is very useful as emergency means to buy urgent stuff, I usually use mine for things like Airplane Ticket But the other two application, I recently use it to buy food Comment from : Alex S

Just found out about your channel and love it! Keep up making this great content Comment from : Leon Scheuber

Short answer to your title:brbrNO Comment from : David Lawrence Pacana

Also, ANYONEand I mean ANYONE that needs a loan to buy a sandwich should really consider transitioning from this life Comment from : Shelly - Ann Parkinson

If you are BAD at budgeting, you are BAD at credit cards and will be BAD at BNPL The issue is not the system Over 12yrs using credit cards and I have never paid interest Comment from : Shelly - Ann Parkinson

His hair is soo annoying i Damend the old phil Comment from : Mohammed H Alashur

I miss layaway Comment from : TosillKohut

Do merchant fees get built into item prices? Comment from : soularwave

I guess I should be thankful that I have never heard of this BNPL app I suppose that since the only app I have ever downloaded is Solitaire, I shouldn't be surprised Comment from : Doodle Blockwell

What the hell has happened to them, they've gone from stylish af to straight 2010's unhappy couple looking ass Comment from : Segundo Volante

Sleeve tatts, mop head of hair and Julia's not getting any thinner Hard to take these two seriously Comment from : Michael Rosenberg

I do believe Jaspreet Singh calls Buy Now Pay Later, bBroke/b Now bBroke/b Later Comment from : Bert Visscher

I love BNPL! I use it if I don’t want to spend a bunch of cash in one go, as I get the same pay Comment from : Seluini Taufa

Afi Comment from : when the hood drops

Hey, Phil looks good! Comment from : lateblossom

It depends Comment from : Junior Christie

I’m just unable to grasp how people view this as different from credit cards Credit cards also have no interest if you pay them on time If you aren’t getting into trouble with these loans, you wouldn’t get into trouble with a credit card, and if you would get into trouble with a credit card, you’ll also get into trouble with these loans Comment from : Michael Zautner

very insightful video My investment-portfolio recently reached six figures, and this is my story I found it initially intimidating to consider investing during this period of higher inflation, but with the assistance of investment analyst Joseph Sullivan Anderson, who created a plan to transfer my underperforming fixed-income investments to a diverse portfolio that would produce higher returns, I was able to successfully navigate it Comment from : Florian Werfel

Apple just started there own buy now pay later more broke ppl financing stuff Comment from : zack nelson

Anybody who uses a credit card to eat out needs help mentally Comment from : zero101

This is such underrated entertainment You guys are incredible! Laughed throughout the whole skit Comment from : Lisa Wang

I have only used BNPL once to get a new phone when my old one died on me, and only because I just needed a week or so before the overdraft would be approved with my bank (Unapproved overdrafts cost double) Normally I have savings for those things, but I had just put in a deposit for a new apartment and bought a ton of furniture, so it was just really bad timingbrEither way, I don't know how people feel less guilt using BNPL than with credit cards Having to sign a loan agreement buying consumer things left a bad taste in my mouth, but I'm generally positive about taking out a loan if you need one Maybe it's just because it was an obvious case of "too good to be true" and something had to be amiss Comment from : Steen Schütt

Phil needs to bring back the mustache He currently looks like a lesbian Comment from : darkdudironaji

Terrible idea! "Pay later" is a marketing gimmick that preys on peoples' ignorance! Think, people, think! Comment from : Neil Kollipara

I just cancelled my Afterpay after watching this video The thought of it made me nauseated Comment from : WeirdAs

Dude, mow your lawn😂 Comment from : Willie van Zyl

BNPL are like Installment but worse, encouraging people without capacity to buy something they can't afford now and postpone the consequences later is just bad Comment from : MatchC06

Heater of an intro It’s pretty easy to see that financing everything is stupid, but they do have the most entertaining way of telling me that Comment from : TJ Bellah

No Comment from : Lily Bliblablubb

Buy Now Pay Later is a very old system: promissory note/note payable but with modern tech brthe impact on not paying a promissory note is as hard as with the BNPL (a litte bit harder for the note)brIt's a good instrument for investing if the bought products don't lose value as fast as you pay back For cars, for houses anything you can sell anytime if you can't pay back on time brIt's like credit not for consumable It's good as you can buy more and the industry can produce more and it's a cycle It should be about 400-500 of the initial payment (buy->salary->buy->salary->buy ) Comment from : losttownstreet

What with hair and the tattoos ? Comment from : Badar Alamri

I have managed to purchase a couple of furniture items using 12 payment BNPLs I intentionally put them on autopay, as the payments are under my preset threshold for autopay without risking a bounced payment That said, it IS very important not to allow yourself to engage with too many of these as you can very easily lose track of them I relegate these for large items and keep a maximum of two (about $50/month total) active at any time Comment from : Jason Smith

When inflation is high, buy now pay later, is almost a discount, when future money is worth lessbrbrOnly if it is the same price Comment from : Ant Man

I can’t stand looking at this dude now… he had such a good look before and now just looks like a nerd trying to be cool 🤦🏽‍♂️ Comment from : highway535

Two letters, one word: bNO/b Comment from : Khari Marquette

In the blue collar world, tool trucks do this same thing Seems the less money someone has, the higher their tool truck “account” is They’re allowed weekly payments that some people pay on for yearsbrbrWho’s on the hook for the loan? Could be a lot of people going out of business soon Comment from : Chasing the Outdoors

Can I ask one simple question: Why pay for stuff with money you don't have?brI understand you don't have the money to buy a house and get a loan for that, sure But why is the alternative to a credit card a "buy now pay later" system and not just A debit card? brbrWhy not just use a debit card?brbrHow does a "young person" feel bad for using a credit card, but not feel like an absolute fool when they just spent "$100" on clothing, which is actually $400?? How hard is it to understand that spending money you don't (yet) have is a horrible idea in almost every circumstance? Comment from : Nenes Apostle [8th Apostle of the Twelve]

No, they ain't Comment from : Bloody Wanker

Learning money management skills is crucial before getting into any financial products If you're smart, loans help you get richer If you're dumb, loans create debt spirals Never buy something you couldn't afford with cash outright (except houses) Comment from : PikaMaister

I am going to be 33 in a few weeks and have never once used BNPL Maybe its just the way my grandfather raised me but I was told not to buy things with money I don't have Comment from : Heartlesslink100

BNPL always seemed too good to be true There had to be a catch I wasn't seeing, which is why I never BNPL Comment from : 777Skeptic

Loans for consumption (things like clothes, tropical holidays, latest iPhone or 100" TV, even those 0, even those under fancy names like "buy now pay later") are a terrible idea, they are good for corporations, but keep people poor and in a great danger in case of unexpected life events (war, huge crisis like this in 1929, disease, unemployment) Comment from : Irek M

If something sounds too good to be true, it always is Comment from : Dimitrije Jovanovic

Phil identifies as a hipster 😅 Comment from : Dahel Salazar

I was hoping you guys would have dove into that few folds more than credit card charges BNPL places on sellers Comment from : Valeen OI

That's what people use to pay for stuff in Brazil since the 80s Comment from : Enrico Dias

If you can’t buy it twice, you can’t afford it! Comment from : Aiden Pru

I agree it’s silly to put everyday purchases on these plans But One thing I like about something like “paypal pay in 4”is when I purchase a higher priced item Like clothing/shoes or a household item — am not 100 certain it will fit or work for my situation There’s a high probability that I will return it So I only am out 25 of the purchase price and if I return it I don’t have to wait to get the whole amount back Comment from : Becky Christiansen

“However” 😂 Been watching you for like 3 years now Love to see you doing your thing and the funny punches Comment from : Obed Esquivel-Pickett

Instant versus delayed gratification Comment from : Yew Han Lim

The weakest point of them is that they don’t benefit one’s credit For that reason it’s better to either get a credit card or wait But with this like every financial decision it just requires a clear head I’ve used these services for years and I do enjoy it Comment from : Angel M

I did this once only, recently, through PayPal to buy a new computer I paid everything in time, but my credit score immediately went down Never again Comment from : Mu51kM4n

Glad to see y’all are doing well! Like this episode you’ve taught me so many new things about financial literacy brbrHope the baby is doing well and if I ever find y’all in Austin I’ll be sure to say howdy! Also kudos on the new ink! 🤙🏼 you’re both looking great 😎 Comment from : JakeInStereo

I thought you guys were joking about the "buying sandwich" with BNPL Comment from : Carlos Bunn

I remember my first time coming across it back a year or two before the pandemic I used it to buy cologne Probably around $400 brbrEdit: that Cologne (Coco Blue) package was lost so I contacted the store and they delivered me a new order the following week No hiccups there brbrI make over $8000/monthly tho so using it from time to time isn’t an issue for me Hell my last big BNPL purchase was my LG C1 65” last spring I probably have about six more payments left unless it’s paid off I don’t keep up It’s about $165 a month Again I make $8k/monthly so it’s no big deal for Me Comment from : Waaaaaaaah! We Keep Getting Dominated! Waaaaaah!

For me, other than the huge skepticism part of it, I'm not interested in BNPL merely because my economic demand for an interest free loan over such a small period of time is essentially 0brbrI keep money in my checking account for a reason, one to avoid overdrafts and two to avoid the hassle of constantly needing to withdraw money from my external savings account for regular bills and expenses It's the price I'm willing to pay for the portion of my money not in savings earning interest With BNPL, you're just delaying the inevitable Much easier to just get it over with any pay for things in full at the time of purchase Besides, a credit card is already a super short term interest free loan if you pay off your statement balance off each month Comment from : Thoryan

As someone who has defaulted on several BNPL loans due to unemployment taking more than two months to kick in and me not being able to catch up, heed the advice of this video Great one, as always Two Cents Comment from : Badlex 727

If you need to finance a pizza, you should go to the grocery store and get some ramen, bread, and canned meats Comment from : Aaron Scarpa

No Comment from : Alan Gordon

It may be me, but she is looking every episode like she is putting on some extra weight, it doesn’t matter to me, but she used to look more healthy regarding her look in comparison to these new podcasts… just an opinion, I love both of them… Comment from : Will Art

Phil you look like a dork testosterone drop? Comment from : Treedom Finance

Dept and Death rhyme lol Comment from : Jhon Macra Imbana Jokora

“If you can’t afford it twice you can’t afford it” Comment from : Luís Andrade

Will the fear mongering ever end ? Comment from : Derek M

I use BNPL to buy things I need at a good price Payments are spread out into multiple credit card statments, and I have the money in a high interest savings account ready to pay the card offbrIn other words, I'm a dead beat customer Comment from : CatsMeowPaw

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