More and more Americans are choosing 'buy now, pay later' for items like sneakers, electronics and even groceries. Consumer advocates warn there are risks, especially in the current economic climate. Here’s what you should know.
But if you pay late, you may be subject to a flat fee or a fee calculated as a percentage of the total you owe. These can run as high as $34 plus interest. If you miss multiple payments, you may be shut out from using the service in the future, and the delinquency could hurt your credit score.In the U.S., buy now, pay later services are not currently covered by the Truth in Lending Act, which regulates credit cards and other types of loans .
That means more companies may let you buy more items, even if you can’t afford them, because the lenders don’t know how many loans you have set up with other companies.“Right now, buy now, pay later can’t generally help you build credit, but it can hurt,” said Saunders. Herndon, who works in insurance in Indianapolis, said he started using the services because it was taking a long time for him to be approved for a credit card, since his age meant he didn’t have an extensive credit history. He’s since used them to pay for high-end clothes, shoes, and other luxury goods. Herndon said he lines the payment schedules up with his paychecks so he doesn’t miss installments, and called the option “very convenient.
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