More ecomm shoppers are using buy-now-pay-later

1 year ago

I'm not surprised people are jumping on this especially with how high inflation has gone. Anything that can help manage expenses is a plus.

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dave_hermansen

1 year ago

That's truly sad and scary. It's one thing for consumers to be using it for high ticket purchases, but when they are now using it to buy groceries, it points to a severely depressed economy where people cannot make ends meet.

They are robbing Peter to pay Paul and each month, Paul is owed a little more. Eventually, Peter won't be able to cover it.

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Kay King

1 year ago

"The rise of buy-now-pay-later usage for groceries tells us that consumers are likely making bigger purchases online to take advantage of special promotions and stock up on staples, thus managing living expenses in more flexible ways."

Talk about a 'positive spin'. There is a trend right now that economists are warning about. In the US at least, personal debt is reaching an all time high. Credit card use has been way up for months now. Buy now/pay later is only useful if you can avoid interest or take advantage of a huge sale - if you don't pay on time...that BNPL reverts to charging interest from the day you made the purchase.

Buy-now-pay-later for groceries is unlikely to be 'stocking up' - more likely an attempt to keep the same lifestyle in the face of inflation. Credit card debt is especially alarming now because credit interest rates are WAY up and rates on a credit card account are not locked in.

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WF- Enzo

Administrator 1 year ago

Plus, if you don't pay on time creditors will keep on calling you to pay up, and your credit score is likely to get ruined.

Originally Posted by Kay King

Talk about a 'positive spin'. There is a trend right now that economists are warning about. In the US at least, personal debt is reaching an all time high. Credit card use has been way up for months now. Buy now/pay later is only useful if you can avoid interest or take advantage of a huge sale - if you don't pay on time...that BNPL reverts to charging interest from the day you made the purchase.

Buy-now-pay-later for groceries is unlikely to be 'stocking up' - more likely an attempt to keep the same lifestyle in the face of inflation. Credit card debt is especially alarming now because credit interest rates are WAY up and rates on a credit card account are not locked in.

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Jamell

1 year ago

Nope and I don't have intend on doing it until I do some research and determine whether or not it's feasible .

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haha wa

1 year ago

Yes, we're doing this

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Internet Trillionaire

1 year ago

It's doesn't make good financial sense to generate unproductive debt by buying groceries on credit online. It's like handing consumers rope to commit financial suicide.

It's best to create productive debt that generates a monthly income. Like leasing a car to operate a driving school or a homeloan to run an air bnb are examples of generating productive debt that generates an income.