The Dangers of "Buy Now, Pay Later": Instant Gratification & Normalization of Debt
ฝัง
- เผยแพร่เมื่อ 3 ก.ค. 2024
- INTERNET ANALYSIS. let's discuss services like Afterpay that let you buy now & pay later. // Signup for your FREE trial to The Great Courses Plus here: ow.ly/t9o530qpmBb
(urban outfitters illustration in the thumbnail by Jasmy Liu, from this article: orangemag.co/orangeblog/2019/...)
TIME STAMPS BELOW:
0:00 - intro
0:38 - Afterpay, Klarna, & Quadpay allow you to split your purchases into 4 installments
2:15 - why not just use credit cards?
3:40 - the psychology of "buy now pay later" - why is it so appealing?
4:21 - consumerism in fashion & beauty... instant gratification
5:57 - you have to BUDGET! track your spending!
7:20 - sponsor moment!
8:56 - installment plan VS credit card.. which is better?
12:14 - living above your means
13:16 - 72 month (six year) car loans?? excuse me?
14:56 - installment plans & frequent upgrades for iPhones & other smartphones
15:47 - history of American consumerism (1930s vs 1950s spending habits)
17:53 - how do other countries compare? do y'all spend or save? LMK!
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Hello my dudes! My name is Tiffany Ferguson. I’m a 24 year old sharing my thoughts and life experiences. Here on Tiffanyferg, recently I've been working on my Internet Analysis series, where I research and discuss topics related to social issues and media. I also occasionally talk about my experiences with college, traveling, study abroad, veganism, and more.
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finally back with a new internet analysis, woo woo! hope y'all enjoy this chat about shopping and debt.
TIME STAMPS BELOW:
0:00 - intro
0:38 - Afterpay, Klarna, & Quadpay allow you to split your purchases into 4 installments
2:15 - why not just use credit cards?
3:40 - the psychology of "buy now pay later" - why is it so appealing?
4:21 - consumerism in fashion & beauty... instant gratification
5:57 - you have to BUDGET! track your spending!
7:20 - sponsor moment!
8:56 - installment plan VS credit card.. which is better?
12:14 - living above your means
13:16 - 72 month (six year) car loans?? excuse me?
14:56 - installment plans & frequent upgrades for iPhones & other smartphones
15:47 - history of American consumerism (1930s vs 1950s spending habits)
17:53 - how do other countries compare? do y'all spend or save? LMK!
BRUH. usually a random commenter would have to do these timestamps you're a fuckin Saint.
Amazing video! I hope you’re feeling better❤️. Your videos are my favorite part of the week!!
Lol Alexia stop ... she becomes intrusive now lol/ Happy to see that you post a video, after last time I thought it will take more time.
Thank you! This is on my idea list for my vlog channel, maybe I’ll do it soon!
luciole781 and the scathing, “she’s not mine 🙄😤” 😂😂😂
“buy now pay later” is *literally* how the great depression started
And it’s the basis for our debt based economy
Julian Bell absolutely
And this whole time I thought it was due to a market crash. As I recall "buy now pay later" is the credit card mantra which became available as universal cards in the 50's the Great Depression started in the 30's.
@@scentitled The market crash was due to buying on margin, and speculation. Credit cards may have been developed in the 50s, but credit itself was developed earlier, in time for buying on margin. So while your statement is technically correct, the conclusions drawn from it are inaccurate.
You sure it wasn't piggybacking off the horrible fucking pandemic that happened a few years earlier?
My 2 year old is showing you his car. I think he thinks we are face timing.
cayla sunshine this made my week oml
That is so cute :)
Hahaa so cute!!
That is adorable
that’s the cutest thing ever
The no-debt culture runs so deep in my family that I remember being twelve and asking a classmate how come her parents bought her an expensive phone and she said they were paying in installments and I was like "??? For a phone???Debt is for houses only???"
Btw I am from Italy so I found out medical debt existed later in life by watching American content.
I was also raised to avoid debt. The two things that makes sense to incur debt on: are buying cars (though I wish our infrastructure didn't force everyone to drive 2 ton numerous tens of thousands of dollar machines) and homes. Other than that, excluding emergency repairs DO NOT FINANCE WORTHLESS CRAP!
This reminds me of how I cope with long classes. "I can't do thirty minutes, but I can do ten minutes three times!"
I literally still do this
Same 😂
Well that actually makes sense
Taking breaks good!
Literally me I’m like “five minutes until it’s socially acceptable to use the restroom”
Ever since I started working in the late-00's that's how I've always coped with work, I've always broken whatever shift/workday into smaller segments either hour-by-hour or break-to-break.
always go with the Jay Z mentality "if you cant buy it twice, you cant afford it"
I used to do that when I played the sims free play as a kid lmao
I was saying that about BMWs and Mercedes one day because they are so expensive to fix/maintain.
Ok but sometimes you're really poor and you just need to invest in something where you can earn more than what you originally lost!
Amen to that
That's a great idea I always say to my cycling mates that I would only buy a bicycle cheap enough for me to go get another one exactly like the old one in case anything happens to it. It's still kinda expensive, it's still perfectly technologically fine it still rides cool, but I know that if my friends lose their $4000 bikes which they are still paying off they wouldn't be able to do the same. Great principle.
As a teen with a job, the concept of buying something with money I don't have is so foreign to me. Interesting to see your analysis.
It's an American way of thinking
Ashley Marie keep this mindset
Don't stop thinking like this. That's how you become a millionaire. No joke. If you're constantly giving other people money, you won't have any left to invest with. You become a tube, that transfers money from one company to another. You dont need that makeup, shirt, shoes etc. Work hard, save up for the things you really want, focus on timeless items (nice black shoes, nice jewelry etc.)
@@SynFlowers I try my best. I hope when I'm older, (like she says in this video) to buy things with a credit card I can pay off, to increase my credit score for a later time.
You’re doing the right thing! Keep it up! As a college student, I see countless students with irresponsible credit card habits!! Credit cards can boost your credit score so fast if you use them wisely!
I'll never understand why ppl feel the need to buy clothes every month. Growing up, the only time I got new clothes was during back to school shopping. Aside from that, I feel like debt for college is so normalized that ppl ignore that it's such a financial strain in the long run.
Same. I never buy new clothes
My debt for college was for tuition, fees, books, gas, food, and lab fees. I used money from jobs to get clothing.
Deadass I had a pair of jeans that were absolutely perfect. They recently tore near the belt loop and I realized upon further inspection it was falling apart. I had those mean for 8 years it's wild to think that. And it's wild to think people feel the need to buy unnecessary clothes every month. Also it's so difficult to buy decent jeans now a days😅.
Porridge omg try learning to sew so you can help keep them!!! i’ve thrifted jeans and altered them so they fit perfect
Because im a kid in highschool, I don’t have a credit card, and I don’t have any debt until I go into college, I’d say this is the perfect place in life to do stupid purchases before you have to worry about being an adult.
Klarna has really helped me and my partner in times of need. There was a point when we didn't have enough for groceries and literally had no food. We were able to order off of Kroger and slowly pay it off. It sucked and was expensive when we were already super tight but we wouldn't of been able to eat otherwise
I feel like all this installment payments craze goes hand in hand with normalization of luxury. So many young, financially illiterate/unstable people want to have 'nice things' that influencers endlessly promote.
I think that these things are all in HOW you use them, just like credit cards. If you use it responsibly, ie. I used one of these services to buy my MacBook because its $1600 and I have a steady job and I budgeted for it, then its not a bad thing. But as you said, its the financially literacy of the individual.
Bourgeoizee ooh! What website were you able to buy a MacBook in installments. I’m trying to find a place I can buy a computer I’m installment without using a credit card
Bourgeoizee Exactly.
Bourgeoizee a MacBook is an investment tho. I bought mine 7 years ago, using my entire savings I had at the time, and I still have it and it works fine! It’s impossible to get an education, etc without (a laptop) so I think it’s worth it to spend more to make sure it works
@@designerdiva423 they didnt say that they said they used a credit card to buy their expensive laptop and slowly paid off the credit card.
These things should be used very rarely and never as a frequent thing that’s the issue when someone uses these services all the time and normalizes their use.
agreed! I think it can definitely be useful for specific situations, but using it too frequently could become complicated
TheWorldAccordingToDorcas exactly omg it's sooo convinient for when you need something like a new fridge or laptop but clothes???? sounds extra and addictive
Hahaah in asia too. I thought every country have it. We pay installments for everything beyond our money capacity for a like a month. But we're not like buying for fashions or beauty products. It's usually rare we use this system for that. This is usually for families who can't afford to buy a furniture or a gadget or equipments or a washing machine or cars in one go. It's not a bad thing here.
TheWorldAccordingToDorcas honestly, the only use for this that I can see is for like an engagement ring, or wedding dress, or graduation dress. Something important that marks a milestone in your life.
Yeah I feel like people don't know how to use a credit card correctly
"Germans are very careful when it comes to debt and spending"
Me, a German, looking at the one and only pair of sneakers I've worn for the last seven years:
"..eh"
same, except my shoes don't really last that long
same snickers from 2007 XD
I'm french...same but with doc martens
How do your sneakers last that long? I use min till they have holes, but they don't last me that long
What brand are they? I'd love to have sneakers that last that long with constant wear.
my strategy for buying things is mulling over them, overanalyzing as much as possible to make sure I'm not getting ripped off. Usually by the time i finish 2-3 paychecks have come in so i don't have to worry about being able to afford it.
Mee
One good tactic about buying fun things is putting it on a list, waiting for a few days, and them coming back to it to see if you really want it or not after the initial hype has worn off
How about...let’s NOT buy things we don’t need with money we don’t have 🙈
not always that simple! For instance, if you need car work done to get to your job, you might have to put it on a credit card, even if u don't have the money right then. Many situations like that! Especially buying airline tickets, etc. It doesn't mean you shouldn't, but just be smart about your preemptive spending, and don't overexert your income.
Thank you cause it won't make you feel any better
@@alexey5481 that's why it says "things we don't need". There is always going to be things we can't just not spend money on it because it's necessary.
@Saffron Sinclair EXAMPLE: I live in a rural area outside Downtown Dallas, how else am I to commute to work? There isn't public transport. So, yeah, a car is essential to some ppl's livelihood.
If it were that simple we wouldn't be watching this video and all those people making thousands of dollars a month just providing basic financial information we all should have received in early life wouldn't be making a penny.
6:31 "What if an emergency comes up?"
Coronavirus: "Allow me to introduce myself"
Heeere comes trouble!
fr 😂
@@TheCheery101 Ebola in Congo: And make it double
@Ankitha Mahesh At least someone gets me. Tallahe!
Afterpay is a budget tool. Yes I can afford to spend 40 or eighty dollars on new shoes is available to me but it's easier on my budget to set aside 10 every two weeks than to use 40 all at once, which is half of my weekly food budget and allows me to account for small emergencies
So how exactly does Afterpay monetize from you? With interest rates?
CarbonQuellist if you can’t pay it ontime they charge 7 dollars
@@Khymeira charge the vendors or get a perventage fromt the sale
@@starxsia7029 it says on their website it’s up to $35 for late fees
The key word here is emergencies.
I heard something about "If you can't pay off a car loan in 4 years and a house loan in 15 years, you can't afford it."
My parents taught me well. If I don't have the money for it, I can't afford it. Period.
Laughs in Vancouver Canada
Pfff a house loan in 15 years?? *laughs in south European*
Laughs in NY
A house loan paid off in 15 years? There would be fat chance that anyone could afford that in any country.
Laughs in mexican, here the usual time to pay a house loan is 30 years...and a very small one
Honestly, I'd feel more comfortable using these services to help with emergencies rather than for everyday expenses.
Yup
I'm Canadian and my partner is French, when he moved here he was so confused by credit cards, they don't really use them in France or at least not the same way and it was actually hard for him to find an appartment since he didn't have a credit score. Now he owns a credit card because that's how things work here, but he pays the whole thing off every week because he really hates the idea of debt. So yeah totally different culture, and I have to admit their habits sound much healthier.
Yeah born and raised in France here the only people I know that use credit card are really poor and are struggling to buy groceries but that’s it,credit card isn’t really common here we do have small loans that people use to buy pricey stuff like computer cars tv etc but I think it’s kinda stupid to force someone to have a credit card and a credit card score in order to buy an apartment or get a loan at the bank
It's fairly common in many European countries.
I've always thought of credit cards with disdain, because being indebted to some company is the last thing I'd want.
@@BurritosPancakes or more wealthy people. In the netherlands most households have like one. For emergencies on vacation or whatever. When cards get declined. (Or toll ports in france, so so so much better than cash.) Or (and more of a left over in the past) ordering things online with like paypal or whatever. Because american websites.
Most creditcards i see while working (in a cheap store) is by the polish
Italy is very similar
Burrito_s, you have to remember in most of North America only poorer people live in apartments. This is the land of single family homes. The places in North America where apartment living is more common I doubt you’d have to have a credit score.
“Money journal” is a very millennial way to say “budget” and I love it. Definitely going to start using that term.
When I moved to the Netherlands, I was surprised to learn that credit cards or even companies that COULD give out credit cards (such as Visa or Mastercard) are rarely accepted in most places :) my Dutch friends explained to me that it's because the mindset of "if you don't have the money for it, you can't afford it" is really strong
Yeah, credit cards aren't common here at all. Most people either don't have them or just use them for online shopping on sites that only accept credit cards
Ive been using cash more often these days. The pain of seeing it leave your hand gives you a much better understanding if yuour budget. If you don't have enough cash on you you can't buy it
The only time I ever Buy Now, Pay Later is when I'm eating at a restaurant... Because the transaction is supposed to be fixed that way
I've NEVER been allowed a tab at a restaurant even one I frequent ALL THE TIME
@@mercedessettle7824 I think OP meant that you pay after the meal! haha
@@petra1995 thank you mate... it's much easier to understand that way
I laughed my ass off at this comment, I thought it was a diarrhoea joke 😂
I don't get instant gratification. All I feel when spending money is instant anxiety, even if I know that I can afford it. I can't tell you how often I've checked my bank account before buying something even though I knew exactly that I had enough money. It's kinda bizarre now because I work a full time job that pays relatively well but I still mostly live like I'm a college student.
Edit: For context, I am German.
I feel the exact same way. I dont know how people can just buy things really easy. This is why I feel like afterpay can be beneficial, but paying every two weeks seems weird as well lol.. man money is the root of all evil
There has to be a balance you have to have enough money but also don't have anxiety when buying things
Ey I do that too! I'm british but my mum is German,, maybe I get it from her
I'm American, and I feel the same way
it might just be the household i was raised in but i’m the same, very VERY hesitant to buy things and spend my money, idk how ppl do it so quickly and easily
I think this could have a positive application in groceries. It is generally cheaper to buy in bulk, but if you're on a limited income then you might not have the immediate cash to do that and end up paying more overall. It would be nice if there was a way to space out payments on essential items like food as income comes in.
When I first heard of afterpay, all I thought of is when I learned in history class that during the 20s a lot of people were buying things in installments but never fully paying them off and it ended up contributing to the stock market crash. I was immediately put off a little by it
Same thing happened in 2008, but with houses people couldn't afford. Wall Street, and the Boomers and older Gen X made poor decisions about debt.
@@emmacat3202 the problem with the homes is they were getting approved by banks when they shouldn’t (No Income No Job loans/NINJA) as well as signing up for low interest ADJUSTABLE loans. The adjustable was a key problem bc when the economy turned their loans went up 10-20%
@@emmacat3202 all this to say there were a lot more contributing factors (part of it people wanting more then they could afford, part of it banks giving out loans they knew couldn’t be paid back) and then short term gain (interest rates that adjust vs a fixed one)
I saw an afterpay offer the other day on a product that was less than $8!!! That's what makes these companies so toxic to me. They are harping on people who can't even afford an $8 product.
Right!! I read stories of people afterpaying like $10 purchases
Same here.
@Island Gyal oh that's makes sense.
@Island Gyal Wow that's even worse, you can't use it unless you spend more
Nooooo. Human beings have the ability to assess situations. This isn't the company's fault. Most of them don't even take interest. Don't buy it if you can't afford instead of blaming the company for being toxic, manipulative tricksters. Everything is disclaimed and the terms are clearly communicated to you.
"Layaway" is what I remember as a kid during the late 90s/early 2000s.
Yes but with layaway back then, you didnt get your merchandise until all the money was paid.
@@kimmyball4961 they should go back to this method. Buy now, you-won't-get-your-purchase-til-later pay
I can’t remeber if you did layaway did you get 100% back?
Walmart still does layaway
Also kmart if you can find one, some Marshall's stores, and even gamestop
As a historian I see this as further evidence of us living is a “second Gilded Age”, during the late 19th and early 20th centuries paying in installments was extremely popular, particularly in the growing middle and lower middle classes. These groups were very interested in portraying higher status, and the companies that catered to these groups knew this and began this trend of paying in installments, and having lower quality, lower priced mimics of expensive things made with low wage factory labor. For example in the Gilded age women’s clothing and particularly things like hats were status symbols, and women of the lower middle classes could purchase cheaply made artificial flowers which mimicked the luxury silk flowers worn by rich women. These flowers were made in sweat shops and home factories, by low paid immigrant labor, and child labor. The new large companies and department stores also catered to the lower middle classes by creating installment plans, particularly for larger purchases of essentials and semi-essentials like baby carriages, farm equipment etc.
i grew up poor & at 25 still use a debit card - i do have a credit card for emergencies, but the thought of getting into any kind of debt is terrifying. i'm scandinavian, & most ppl up in these parts don't get into debt until they buy property
On Black Friday/Cyber Monday, Afterpay let customers order with $0 paid the day of. Dangerous stuff.
Hi friend! I've finally seen you in the wild! Lol
this is WILD
artichokehold AGREED
Natural selection
@@NosManJr hey dude :)
I'm so glad my parents taught us that when you can't afford something you just don't buy it till you can safely afford it. also yes i am german lol
SA TA for real! I don’t understand why everyone doesn’t have that mentality...🤷🏻♀️
costarrican here, my parents told me that if I get in debt to pay something then isn't really mine
I’m American and my mom told me don’t buy something until you can buy it 3 times over
my mom always told me about the dangers of credit cards and the debt, so naturally i became very conscious of how i use my money.
Germany is actually one of the few countries in Europe where Klarna is trying to get a foothold and I find it fascinatig. When I got a small student loan to study abroad, friends looked at me like I was crazy, so I'm really curious how getting into debt over fashion will fit into that mentality lol
Wasn’t there a similar “buy now, pay later” system that was one of the MANY different factors that inevitably contributed to the economy failing specifically in the U.S around the Great Depression era? These businesses convinced the average American who couldn’t afford certain commodities to buy on credit and worry about paying it later. Which young people specifically bought into not realizing they truly couldn’t afford to pay it back later. Or they kept on making such expensive purchases without actually ever paying it back. I genuinely could be wrong though. Not saying the same thing is happening at all but I find that “buy now, pay later” idea is just an old concept rebranded to us as this new profound thing.
EDIT: Oh I just watched the video to realize she went over this whoops! My bad 😣😂!!
Hahaha it’s an important point though, you’re right! Consumer debt is a huge bubble
i'm Russian, i've lived on and off in the US for about 3 years total. i've also lived in 2 different European countries for 3x times longer. i finally left the US last year because i decided the country's values don't align with mine at all, particularly the money aspect. the whole "live the life you want, not the life you earned on your credit card" thing is pretty much a normal thing in the US and it made me very uncomfortable. and US is the ONLY country that promotes living like that in my experience. i've been raised in an "upper-poor" class here in Russia and even though we could have benefited from having c.cards we never ever got them, we always lived only within our means and it gave me necessary skills to make-do with whatever money i've got. i wouldn't have it any other way
It's really surreal to me when I hear americans talking about buy now, pay later systems. Here in Brazil, everyone who has a credit card is allowed to dillute the payment into several entries (usually up to 4, 6 or 12 installments). So if you buy something for 200, you could pay 50 every month for four months. It's just really easy to lose track of the payments you have to do in the future, so it requires a lot of financial planning but allows people with a lower income to buy more expensive products
I was thinking the same thing! Thought it was like that everywhere
I was going to comment the exact same thing!!
I remember explaining how this works in Brazil to my coworkers when I had a summer job in the US and they thought it was the craaaziest
Wow, that's super interesting. The system is definitely not like that here in Canada.
At the beginning of the video I didn't understand what was the propose of the video, I thought that the credit card we use in Brazil was normal in the entire world
it’s so strange to see someone talking about something so common and normal like “after pay” ,as they call it. It’s actually more strange to me seeing people buy expensive things at once instead of with this system
As someone who's family was in debt for most of my life those ads make me feel physically ill. I'm always scared of falling into debt much less treating it as something normal 😨
This! 😩
SAME
Same!
SAME !!
SAME
I work at what I will describe as a "high-end toy store", and one playset (the most expensive in the store) is $650. Right at the display *in the store* is a sign saying "you could buy this online in installments" and it rubs me the wrong way.
I can see the benefit of these schemes for expensive essentials, such as if your fridge broke and needed immediate replacing. But otherwise people are just fooling themselves that they can live beyond their means.
Exactly. If you really need sth right now but cant afford it immediantly its great but going in debt over makeup, designer clothes etc? Thats just idiotic
there are two financial rules i always follow:
-only get into debt for university and a house (obviously this isn't possible for everyone - i have health-care in my country etc. but definitely do NOT go into debt for frivolous purchases)
-if you can't afford something twice, you can't afford it
this has really helped me save a lot of money, and re-think financial decisions. things like afterpay just seem dangerous bc it encourages people to not think about the money they spend, buy now, regret later
Hi! I'm pretty curious. What do you mean by "if you cant afford it twice" rule? And what is the reasoning behind it? I'm just looking to learn
@@cryingeyebrows2773i meant that if you don't have double the price of your purchase in your account, then don't buy it :-) if you want to buy a $600 handbag (random eg.) and you have $800, wait until you have at-least $1200 before purchasing it.
it's not a hard rule but its good to pay attention to the number in ur account, and to focus on not emptying it without realising. by going through a little mental checklist of 'oh damn.. this thing is 70% of my balance rn..." makes you more mindful of your spending.
i hope this helped!!
@@AryaBeltaine thank you! That sounds like a good thing to live by!
"If you can't afford something twice, you can't afford it" - I've been living by this for the past few years and my finances and spending have gotten so much better.vThat's probably one of the best pieces of financial advice I've ever received.
And wait a while before purchasing to reconsider if you really want something
I was so excited when afterpay came about because it meant I could actually afford to buy items that previously I couldn’t justify the cost of. Then I would go on spending sprees and shop at multiple stores either in one day or over a couple of days. That trap spending sent me broke. I had heaps of repayments coming out all in one day or over a few days. It was killing me financially. I was also rarely getting my afterpay balance down to zero as I kept buying before things were completely paid off.
Now I don’t do it. I got sick of being broke and I cut the afterpay cord that was wrapped around my throat. I now see the trap it can become for people who love impulse buying.
Oh man! This is basically the bad scenario I was imagining. Glad you got out of the cycle!
so glad for you and hoping I can get there too someday 🙏🏼
Im an American, but I grew up in a rather frugal household. I was taught the value of money at a fairly young age, and my brother and I were always taught that (for the most part) if you couldn't afford something cash, don't pay credit. I was under the impression that this was common knowledge. Im so glad that I grew up with such vital information
Have you ever done a video talking about the psychology of Depop shopping? I've been doing a lot of online shopping in quarantine, and I feel like the "if you don't get this now it may be gone because it's vintage and somebody might get it" mentality of Depop contributes a lot to my spending on the app, as well as the low prices (which end up being around $10 a piece anyways due to shipping.)
Hello Tiffany. Actually, Jean Baudrillard wrote EXACTLY what you are talking about in the System of Objects. I am so impressed you managed to pump out a work of critical theory in your own terms. Love the content keeop it up!
I will look that up, thank you!!
I was about to comment this! I study Sociology of Media in University where we studied System of Objects and I was really impressed by Tiffany's approach to this subject :)
Wouldn't _The Consumer Society_ be more relevant than _System of Objects_ to the video's substance tho
@@amaurylannes why not both? :O
@@jvsietruong You're right actually nvm
I bought my second car out right for $2500. Is it a piece of junk? yes
But am I paying a car note every month? Nope because I like to spend my money on other stupid stuff.
Same. I don't see myself doing car notes especially since they're so expensive it's bad enough car insurance itself is expensive
Wtf is wrong with y'all, America? Debt should be avoided whenever possible. Not normalised!
But then you won't be able to get that new iPhone 100s+ or whatever.
@@OveranalyzingEverything oh noooooo what ever will I do. It's not like my phone from three years ago still works perfectly and gives me enough to be useful or anything. I definitely need that 128k camera to watch TH-cam videos and read emails.
@@larrygardner8293 that's my exact point. Just because you can buy something, doesn't mean you should. But I'm not against having the ability to.
These schemes are available world-wide, not just in America. (No, I am not American just tired of seeing the lazy narrative whereby lazy/greedy ideology must be an American-only problem).
@@2000sarahhutton true. Even looking at countries like Sweden with "free" tuition, their average per person student debt is about $20000, ours is $24000. Not much difference. And their debt to incrome ratio is the highest in the developed world. It's harder for them to pay it off. So much for free stuff. So y'all stop saying that only America has these problems.
I’m definitely someone who struggles with reducing unnecessary spending and wants to be less consumeristic and more ethical in general... watching this video definitely helped me think about my spending habits in yet another way. Your content is so fantastically made and thought-provoking!
Aw I’m glad!! Thank you 💗
I recently just paid off my CC debt and I so badly want to be more thrifty and frugal to start saving money but it’s SO EASY to want new things. 😭 Especially when everyone around me are consumerist ;/
try shopping at thrift stores or dollar stores or start couponing!! you can scratch that itch without spending a lot 💞
Consignment shops are great too.
In so glad I outgrew that mind set
That's the worst part of it too, when you're constantly on twitter or fb and you see how everyone else is getting all these awesome things.. the new ps/xbox, better clothes.. it hurts, that damn fear of missing out. I struggle with it really bad too.
I'm terrified of getting a cc. That's amazing!! I know that was hard and a lot of times you wanted to spend that money on other things. I'm so proud of you for paying off your debt.
A year late but congrats on paying of your credit card debt! Credit card debt is one of those things that can snowball very quickly so it’s always a big achievement when people pay it off
I grew up in the us but spent most of my life in Europe so I feel like I’ll never understand the concept of buying $300 of clothes and spread it out during a few months: GUYS ITS CLOTHES why are you putting yourself in that situation my god 😭 the only time I used a similar service was when I was an intern in Paris and got my phone stolen, I was very broke and had to replace it by using a 3 month plan
I'm American and don't understand it either
Lujane Elarif i know righttt omg CLOTHES wtf at least paying a television or laptop makes sense but clothes is just crazy to me like its just people looking forba social status
I don't know, sometimes it is useful even for clothes. I have 3 siblings and when we were kids, paying in installments was the only way we could all get new clothes at the same time (for Christmas and stuff). I don't know about the US, where clothes are way cheaper, but in Brazil it saved our lives.
I just thrift shop and can find decent clothes for under $50 total.
@@oc038161 I've been doing this more and more, since I discovered thrifting back in highschool. I do spend a lot less money on clothes now and end up with the same amount and quality. My parents still don't get it.
"When i spent about $140 on *girlfriend* "
Those who are "Audio only" might raise their eyebrows
Girlfriend * cough * leggings !! Oops! Lmao
That was me, I was listening while doing homework and went, "She spent what on what-"
Lmaoo ikr i was studying and when i heard that sentence i was like excuse me maam what
"if you cant pay with cash, you cant afford it"
As a German I was always taught not to get into dept and spent Money wisely, as an Immigrant child even more
Didn’t even know klarna existed outside of Sweden, so I was surprised to see it in the thumbnail. They’re used by almost every company here and they’re sneaky, sneaky bastards.
Hence why they exist in the us.
@@vienlacrose 💀
alextheasparagus most of UK clothing companies use Klarna
Haha me too, I just learned they operate in 14 countries so they're definitely not the succesful little startup company we're used to anymore... (In Sweden they have some bad rep for passing on invoices to debt collectors without notice (they have their own debt collection company as well conveniently enough) and apparently they register everything you buy in order to "understand your needs better" which is now under investigation. And, as mentioned, it's almost impossible to avoid them for online purchases, even paying by debit card it still goes through their system, ugh.)
Well, you know we had to import it to Norway.
We're neighbours after all!
And yes, they're so sneaky that they sometimes don't send you your bill, so they can charge you extra 🤷🏽♀️
I don’t know, I heavily disagree with the whole “don’t do afterpay It’s dangerous!!” notion. I feel like it all depends on the person and their impulse. I use afterpay all the time BUT I use it moderately, and I never start another afterpay until I finish one. I always do it on the day of payday and I never purchase something I don’t have the full amount in my bank account for. It’s really convenient for me and makes getting the items I want easier 🤷🏽♀️ you just have to know the type of person you are and how to control your tumultuous habits.
why don't you just pay for it all at once, without the afterpay, if you have the full amount in your bank account?
Pavla Štursová it comfortably “makes room” for any other purchases I may have that week or the next, it’s really not that complicated. And since the payments that are due are always during my pay day week, it’s never a problem for me.
The title is a bit clickbaity because you have to pull people in these days lmao but yes I agree that it can be used responsibly
tiffanyferg Personally I don’t think you need a click-bait title when your presentation + information stands on its own.
But did you consider that if you didn't rely on afterpay, you'd be better at saving?
Also, impuls control varies drastically among people, and certain mental illnesses can make you spend outside your means in a dangerous fashion.
Either way, the fact that people feel like they need this service for something that's not a massive purchase like a house or a car, says something about society.
sidenote: i love how your eyes, eye shadow, clothes and bedroom are all colour coordinated...
Oh man, I lived in Argentina for a few years and inflation there is so bad that everything has the option of being bought this way. You know things are bad when you can buy a a pair of shoes at a local shop in 12 monthly installments.
As an Argentinian I can say it's true, we've survived a thousand economic crises and we always adapt, baby...!
M. Rooney Fox lol, whenever I read interest free I think “damn, that’s a good deal” because the yearly inflation is about 50%, so if something is interest free you are actually saving money by paying in several payments
Argentinian here and I can confirm things are pretty bad but as a student I'm very grateful that the only debt my parents are in is interest free credit card purchases (don't really know how to translate that lol) I make for everyday life as opposed to college expenses.
Argentinian here! Yes! My old cellphone break and now I need to buy a new one. The one that is broken(? was ARS$1000 two years ago, (it means US$15,95 at this moment) and now ANY stupid cellphone is ARS$10000, so US$159,53. I wanna die now. The inflaction is going to kill everyone here. ALSO, now it is not only 12 monthly installments, but also 18. You'll be paying for something you probably are not using anymore.
@@candxla don't they have debit cards in other countries
omg this is super normalised in argentina and my parents hate it so we rarely ever use it, but some of my friends' family have gone into actual DEBT over clothes/electronics... and look at our economy lmao pls dont buy into it
Cuando empecé a verlo literalmente pensé "eso es pagar en cuotas", osea claramente acá ya como herramienta no sirve si ya hasta el pan dulce te lo ponen en 3 pagos.
Estaba buscando el comentario argentino jajajaja
as a 20yo german i can confirm, debt is a strange thing to me. I don't have alot of money but I also don't spend anything, only on food, drugs and beer. What more do I need lmao
as a student living in a small city, cars are just expensive, public transport for students is free anyway, also bikes exist.
and I am very lucky to not be socialized into circles where new smartphones or clothing is of any value, so that keeps me from buying anything at all yey.
honestly I am so glad that I grew up non-materialistic. Thanks to the rich kids bullying me in school, srsly it's amazing.
my 1500€ laptop that I bought for my 18th birthday for college broke a couple of months ago and I just forgot about it immediately. It makes me feel very free to not care about stuff like this.
Respekt, wünschte ich könnte auch so leben 🙏🏼
I actually really liked afterpay when I didn’t have a full time job, it really helped with seasonal shopping
@@gotifly4477 Afterpay really just split your payments late fees applied
Klarna offers 4 split payments late fees applied but can be done 3-6 months payments with interest so be very careful
affirm is the worst of it all 🤣🤣
i have a twelve year old sister, and she has a bunch of friends that own a lot of luxury goods. For example, a friend of hers has a Michael Kors (?) Bag as her school bag. We're a family of six and while my dad earns pretty well, four children are also super expensive. Being around kids like that has made my sister a little entitled and often she seems a bit.. upset? That she doesn't have the same things her friends do. Nevermind that they likely don't have three other siblings, my mom also told her that their parents are probably in debt since not everyone is easily able to afford luxury stuff like that. Its just a lot more normalized now, to a point where u could never tell how much money someone has just by looking at them, and a lot of people adorned in gucci and stuff just seem normal rather than actually rich
Michael Kors quality is garbage but cheaper options like Jansport and Herschel and north face are definitely better. Its easy to be envious of things you don't have, but its better to appreciate what you do have. Just because everyone has something that isn't necessary doesn't mean it's good to have it too.
I like Afterpay. It allows me to get things I need while still being able to do my weekly adds to my savings and paying off my debt. I think anything can be used irresponsibly
Exactly. This is how I feel. I can definitely afford to pay it all at once, but it’s way less stressful to be able to pay it off when I know I’m getting like a paycheck in between payments. I get so much anxiety spending, I’m not a big shopper. It’s helped me. I never go overboard. If there was interest I would likely not use it.
Especially buying gifts for the holidays, i can comfortably make a small payment in between paychecks, it makes it a little less stressful.
To totally agree.I love it.I have Afterpay and Quadpay
this is a great way to use it. So long as you're only buying what you need, you're actually spending less by putting money that would have gone towards the item into reducing your debt load and interesting.
"need'? ???
I was sooo weird to me when I visited the US, that in some places I couldn't pay with my debit card, only credit card. So I couldn't pay with the money that I ACTUALLY HAD, but I had to take credit. Credit cards are not very popular where I live and it buffles me that you can spend the money you don't have on a daily basis.
Where the heck did you go where you could only used credit card? I live in texas but used to be a truck driver and have visited every state except two and I've never heard of anything like this. The only thing I can think of are hotels but you can just pay cash and they keep a "deposit" you get back and maybe to rent a car but there's a lot of places that do the same, pay cash or debit but they hold a few hundred payment til you return the car.
Also it's not even you have to pay with a cc at those places, you can still pay with debit or cash but the hold the cc instead of taking 200-400 deposit
@@ItsOKtobeNormal Exactly. Hotels.
You SHOULD be keeping your car for atleast 10 years. They're meant to last! My old car was 20+ years old. Lasted forever!
I think her point was not owning an old car, but taking so long to pay off an older car, that is worth much less once you’re off the hook for it!
as someone with a pretty significant (binge) spending problem, i have to be careful with these kinds of things. so far i've managed to stay away from buy now pay later things, and i'm getting better at managing my purchases. it's tough to do when you're depressed and you have an addictive personality, but i just have to keep trying.
thanks for the video tiffany!
rory same, we can do this 💪
same girls, actually deeply depressed right now cause I can't take this lifestyle anymore. Don't know how to get out of this circle though
"We should give ourselves more credit"--- genius!
One of my teacher once told me that we should always stay away from these buy now, pay later...bc you don’t really know what where you will be financially in the future. You only know what you have now. And using afterpay for non essential items...no way...it’s asking for trouble
"Goodybe money. Hello full closet"
Ouch
Whoever wore that was this close to understanding how financially illiterate they are
In the uk(not sure if it’s different) Klarna is really popular where you can either slice the payments or just pay it all at once 30 days later. I literally only use it because it’s better that when you return stuff if it doesn’t fit etc- especially with awkward sizes!! then I don’t have to wait up to two weeks for a refund which is always a pain! X
That’s an interesting reason to use it!
I use it for the same reason! It's so convinient to order two sizes and get to try them before you pay them first & return the one that doesn't fit as well!
Yeah same I use Klarna and pay what I have to pay immediately, not even 30 days later😂
I live in Sweden and use Klarna because I can either pay right away using the app, not having to log into my bank or entering my credit card everytime, or paying when I get the delivery, so it feels good to pay when I know it have arrived and I have seen the product :) I love Klarna but I am also never tempted to split up my payment so I don't get stuck in that trap
Yeah! So like if the parcel company lost my parcel then I would have to wait for a refund that I didn’t even receive?!!!
Speaking of coronavirus: it would be interesting to see a video on the effect the whole pandemic is having on our economy. I know my hours at work are being cut and companies are looking at layoffs and it feels like not many are talking about this yet
On the right, people are certainly talking about it.
@@syus00 The government is helping companies pay employees. A lot of people are working from home. Beaches are being closed. Clubs too. I'm guessing by next week we'll be just like Italy.
@@syus00 The probem is the economy after many business went bankrupt thanks to corona
We’re about to have The Greater Depression
Isn’t this how the Great Depression started?!?
This is why I’ve never used these services to aid my funko pop addiction. I want to see instantly if I have a financial problem not down the line
A few things my parents always taught me:
1) Don't buy things with money you don't have.
2) If you cannot buy it twice, it's too expensive.
When I was in my late teens and early twenties, I did struggle with the little money I had, but I always followed at least the first rule. Now, in my late twenties, I am really good with my money and I also always follow the second rule, too (of course, these rules don't apply on purchases like cars or houses. Unless you are so lucky and have so much money you can buy them in one go and even twice^^).
Yes. The most expensive things will not include the rule 2. Because expensive
Buy a house twice yeah shut it
I have a tendency to be a bit impulsive so a rule I follow is save the item I want and wait a week or two if I still want it and have the money I’ll buy it, or I’ll wait for a sale after the few weeks.
I occasionally use afterpay ON my credit card, that way I'm charging something small on it each month then paying it off. It's worked really well actually. I dont use my credit cards often so it has helped my credit to do this.
Danielle Wert that’s actually really smart
Afterpay wouldn’t let me use my credit card. Had to be a debit
@@christinasmellman5078 its probably that your credit card doesn't accept those kinds of service. Capital one doesn't accept pay by pay but discover does.
@@christinasmellman5078 Dang i have been paying using credit card weird to think that afterpay accepts credit instead of debit 🤣🤯
This is so true! I have rules for myself with after pay. I'm allowed 1 item at a time only. Once that is paid off I am allowed to purchase something. But I really don't buy much. Foundation and shampoo only. I re-up each every 3 months. Now I DONT allow ANYTHING over $100. Alot of my friends are sometimes paying $200 a month because they didn't think it through. Just note that this is a credit payment and if you miss a payment it WILL hit your credit. I have a credit card for building credit that is used for gas only or an emergency. You have to stay organized and understand that you are NOT rich. Dont get pressured into that! Be smart! My credit is amazing because I stopped trying to be cool.
Great tips!
Really interesting to hear people in Germany say the country as a whole is pretty anti-debt. My dad's from Germany and really emphasized the importance of living within your means to all of us (I've never been in any form of long-term debt & pay off my credit card every month as a result), but I never knew that was a cultural thing - just figured it was him being weird.
haha no, our politicians even have a zero debt policy going on for years and since we made it to the "black zero" (paid off all debt as a country) last year, germany has a great credit score and is able make new dept to overcome the corona crisis and FINALLY give a big portion to the healthcare system etc.. Some people also say we "oversaved" (kaputt gespart) the country, meaning that we cut corners everywhere and didn't invest enough in things that really needed investment like education/healthcare.
@@silvermoonshineX3 isn't that more about not taking on new debt? I'm pretty sure there's still old debt being payed off ..
Yet the bank gave me 20.000 when I was 20.Only because I had a decent job. Still, they should have never done that. Lol
I tried afterpay once. And I ended up just paying it off before the third payment came up since it was annoying me 😂
as a child of 2008,debt has been a plague and I and other millennials like me hate debt like the leech it is
in other news :"hey kids do you want to go to college,well debt for you"
me:but I dont know if i can pay it back
bank:did I stutter
this is why I'm not in college :/
good choice or bad,as long as it was a consensual choice between you and the wallet
I think we’re iGen, not millennials
At this point no one knows what gen is what gen anymore,so i will be using gen "when cartoon network had cartoons" and gen"whatever the f cartoon network has know"
Kana Koketso Kenney Kana omg an 11 y/o who considers themselves a millennial???
I'm in my late 20's almost 30 and with a credit card, I have to say from experience and from all my friends who are the same age it was a lack of knowledge on credit cards. My friends brought themselves into debt because they didn't understand how to use credit cards and I didn't get my first credit card till I was in my late 20's because I had a fear of debt and "owing" people anything. It made getting a car and an apartment EXTREMELY difficult later in life and I wish someone or school could have taught me what it means to have a credit card and how to use one. I love having a credit card now and I wish I could have gotten one when I was 18 and start building credit.
as someone who generally lives paycheck to paycheck (no, this is not something to be proud of, but a result of having to earn every single thing I have by myself by the time I was 18... hence no room to ever catch up with myself financially or time to earn a savings), i actually do find these kinds of things to be helpful for me from time to time if i need to get something or buy a gift for someone but don't have the financial means at the time, it really helps when i can pay it off in chunks because it lessens the amount of time that i'm absolutely broke in between paychecks. for me, it works, but i suppose if you have no impulse control and you're a shopaholic... this could be VERY dangerous
I always use Klara when I buy online because I never know if something will fit me right or itch my skin (I have very sensitive skin 😭). I almost always have to send some stuff back because of those reasons. When I use Klara I don’t have to pay for stuff I’m not gonna end up buying anyways (the refunds take a while ).
When I send it back I always pay the full amount right when they get back to me with the final price. I’ve never had a problem personally with Klara.
But I agree that you shouldn’t buy something if you don’t have the money for it or even make monthly payments because you’re gonna get yourself into debt real fast.
This is so interesting, a lot of people have said the same thing! I didn’t realize using one of these services would make returns easier
Klarna is especially convenient since you can pause the payment until the return is done.
Yep, same here.
Why dont you shop in stores? That way you can try things on and make decisions right there instead of spending 2 weeks worth of trial and error?
ShaySlay i mostly shop in stores but once in a while I order online because I don’t live near a big city where I can get the clothes from the stores that I like :)
This weirdly made me want to spend money
No! Stop!! Lmfao
When she talked about toxic productivity I worked out and cleaned my room, because I felt too unproductive...
I actually tweeted about, and talked to my friends about this very thing a few months ago. I told them history was repeating itself right before our very eyes with everything that's going on right now including the US economy, US politics, and the hostility building around the world. Makes you wonder why we even have history classes if the people in power continue to repeat the lessons we're supposed to have learned from.
It’s a good option when you’re buying different sizes in something like dresses or jeans for example that are tricky to eye by shopping online. Just see if you can return in store for a quicker “refund” where they just cancel the rest of the payments. That way you don’t pay for what you don’t need up front. Just an idea. I used it to redo my bedroom and I didn’t mind paying it off because I’m super happy with the things I chose and now my sanctuary is more me! Also, I’m always here now lol! Love you Tiffany!
This is my only use case for Klarna. I run a proper budget and having to account for a large statement item for clothes when I know I will be returning everything but the one in the right size actually makes managing money on a monthly cycle way more annoying. I use the Pay Later feature (deferred payment for 30 days), make sure I can afford the one item, and that keeps my bank account statements neat and easy to look at.
This is literally how credit collapses occur.
last time i was this early u were still tiffanytheprez
I use afterpay as a form of saving aha. I find it hard to save for an item but using afterpay forces me to pay on a schedule basis. That being said my rule of thumb is I never purchase something on afterpay that I'm not 100% certain I can pay off OR I don't have enough funds to pay for it if an emergency comes
I was literally about to make a purchase with Klarna for the first time and was doing some research and found this. Very glad I did.
i was about to go to sleep but this is worth staying up for
My parents had explained to me really early (when I was like 14, way before you get a credit card) that paying in rates is actually more expensive, because you automatically pay interest on these payments because of inflation, so you add like 5 to 10 percent onto the actual prize for no real reason. So I never thought of "buy now, pay later" as a good idea.
I'm from germany and i get physically anxious when spending over a certain amount lol. But when i have to it's always pay now regret later, i don't trust klarna etc and don't like the feeling of companies being able to take money from my account for months. In turn that's lead to less regretful spending over the years, so win - (long term) win
The thing a lot of people don't understand is that there is good debt and bad debt. It's okay to have some debt as long as it is for the right reasons and on the right things and you are on top of it. If you don't start borrowing small amounts of money, you will never prove yourself able to repay your debts and then no one will ever loan you more money when you need it. That's how credit scores work. In my opinion things like afterpay are dumb and they are just roping you into spending beyond your means. But I do think something like taking out a car loan if you can afford to make the monthly payments is totally good and doable. Heck even just having a credit card to start with is the best way to build your credit score. I use my credit card the same way I would use a debit card, that way I don't spend more than I have. For example, if I have $50 to spend of groceries in my account, I'll buy those groceries with my credit card for the $50. This gives me temporary credit card debt. Then when my statement comes I know I owe $50 and I know I have that $50 already in my account to pay it off. This then shows credit companies that I am a reliable borrower and thus my credit score goes up. That way if some day I want to make a bigger purchase like a car or a house I will have the credit score to do so.
Ok I haven't even watched it yet but I just need to say THANK YOU for talking about this!!!! I've never seen it discussed and these services honestly concern me
This was a great video!! You touched on a lot of important points, like credit cards vs installment plans.
The phone thing really boggles my mind tbh I don't believe in getting new tech until the old stuff breaks or becomes totally obsolete. I had my last phone for four years, it was top of the line at the time of purchase but I got a good deal on the installment plan. I actually would still have it but someone literally snatched it out of my hands on the bus and ran last month. Fml lol. But anyway I went in to get a new phone and I was like I can't do an expensive phone I just need something that has a long battery life and works. So obv the sales people tried to talk me up but I was like nah I like this one it's $300 and I would like to pay for it all right now. And they were SO confused! Like you can get the expensive one it's broken down into payments, there's no interest on the installments are you sure? And I was like yes I don't need that extra payment for two whole years when I can just pay it now. And it'll still end up being 900$ vs 300$! I don't need to be trapped in these payments when I don't have to like I don't wanna rework my budget lmao who has time for that 😂 I know the sales people are just doing their jobs but the system is crazy, man.
OHHH my god, seeing the Afterpay and Klarna options on clothing websites back when it was black Friday really, really pissed me off. It's especially gross to see the "go all in, treat yourself" mentality be justified by the appearance of paying less, progressing extreme consumerist attitudes. Glad you made this video, it is my frustrations vocalized.
If I didn't need credit history for a house, car etc. I wouldn't even have a credit card.
Sounds like having a mortgage for clothing 😂 I have never in my life kept up with fashion trends, I always just get clothing and shoes I like the look of. Having a chance of getting into debt over clothing seems utterly ridiculous to me 🙄
as an europeean I don't know anyone with a credit card? It is really interesting I wonder if they are really common in others places than america?
(edit, I am talking about credit cards not debit ones btw, I do have a debit card like every over 16 person I know lol)
kanekiji I’m from Argentina and everyone has one, but most people here are more responsible with credit cards than what Americans tend to be
From Australia.... not so much. Never met anyone with a credit card either
From Switzerland, most people i know have a pre-paid credit card. basically you put money on it before you pay, so you can use it to make online purchases you need a credit card for but without all the fuss e.g. book a flight :)
My dad has one for emergencies and we usually only use it when traveling or for paying flight tickets. But we transfer money from one account to the other almost immediately to avoid paying fees. But most people I know only use them like that or don't have one at all.
Yeah credit cards are bad shit
As someone who has a bit of an obsession with literal things, I never use afterpay. I can see the appeal and the instant gratification is exactly why it’s dangerous. I would probably never stop buying things
It's weird that when you divide the payment into 4 people buy it, as compared to when it has a whole price. People forget multiplication sometimes.
Here in Latin America we are so used to credits that people on the stores sometimes don’t even ask you if your card is a credit or debit card
I live in Kazakhstan and gadgets are the number one reason for debts here. Also, weddings. Yes, Kazakh people, especially young generation and their parents, pays credits for the lavish weddings they have had once. Flexing culture is a mess but culture where "what other people might think and how can we not invite them" is a massive problem.
P.s. My uncle passed away recently and my mom was responsible (and still are!) for his funeral and other stuff.
for the car thing, I think you were meaning to say the car would depreciate in value as time goes on, so by the time you've paid it off it's worth much less than what you paid (because of interest and depreciation).
This video has made me realize I’m actually very privileged in a sense. Both I and my partner were raised in families that weren’t really consumers. We rarely allow ourselves anything new that isn’t really a requirement or for keeping up our home. We’re very lucky because I’ve been taught to look for a deal or even free items so we have very few things on credit.