Why “Buy Now Pay Later” is Worse Than Credit Cards
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- เผยแพร่เมื่อ 18 ก.ย. 2024
- Patrick Bet-David explains the new concept of Buy Now Pay Later and how it has become a popular way to buy things in today's society. It could be tempting for people to get things now and pay for them later. However, these products usually cost a lot more than you think, and they can actually be more difficult to pay off than credit card debt.
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Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the
author of the #1 Wall Street Journal Bestseller “Your Next Five Moves” (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.
We need to normalize a simple lifestyle and stop normalizing debt. Huge SUVs, huge houses and private universities are simply not necessary. I live within my budget and I sleep better at night knowing that if I lose my job tomorrow, ' be fine. I didn't buy the biggest house. I bought the one I could comfortably repay
Yeah can being frugal be sexy please? recently mentioned that I'm frugal to a young woman and she gave me the weirdest look... Being financially responsible is looked down on
I wish I could find it, but I remember reading a study once that claimed financially insolvent men had 1.5-2x more sexual partners than their financially solvent counterparts.
I think people should also seriously look into investing of some kind. Something that brings money back to your pocket, real estate, stocks, whatever can bring back value to their bank account rather than draining it. Obviously investing has its risks but so does just having money in depreciating assets or straight up liabilities.
Found his website easily. It was like the first thing that came up when I searched his name. I'll surely touch basis with him to see what the best step is for me to take right now. THANK YOU!!!
@@Seanmirrer Who asked her?
I think it comes down to personal responsibility. I've used it a few times with a 0% rate with 0 issues. I could definitely see the downfall if you're not careful.
I agree. I use it even though I have enough to pay up front because I enjoy having my cash longer.
I think that's the biggest take away from this: it's a good system, as long as the individual doesn't get attached to it
I will use 0% down 0% rate on big ticket items such as new windows or a roof, not because I don’t have the cash, but because the inflation rate is high enough that holding the cash and investing it a little longer yields me more money and is a loss to the loaner. But I don’t use it if I couldn’t afford something outright.
I use it too,And it works for me on purchases under $500.
Yes, same. I love it.
The bad thing is people go out and finance something and it just ends up buried in the closet or tossed to the side. People buy things they don't even really want
They use it for food
@@jermainemyrn19 still applies
@@shawn_143 so don't eat why?
@jermainemyrn19 are you really trying to make this argument. Don't be foolish
@@shawn_143 what's the argument?
Working as a software developer in one company like that and when I got assigned a task to change the software so it will result in more customer forgetting to pay the bill made me quit the job, even very good salary. These companies are true evil.
Yup! I had troubles signing up for automatic payment!
Cap
name and shame
Yeah man you’re right about it, it’s super hard nowadays. Specially since everything is going so high in price. And is even going to be harder because it looks like Social Security is going to disappear, I don’t know if you have heard about that?
If you can't afford it, don't buy it. It's simple
Bingo!!!!! How my wife and I are!!!!
Learning how to live within your own means it might be old school, but still pays out best.
I can afford it but I always buy it with klarna. Just because I don't like to see big amounts of money going out of my bank. So when i have klarna I more motivated work harder and find how to get more money.
In that case I pay faster than I suppose to. Doesn't make sense logically but it makes sense to me, cause I am more motivated and I don't risk or lose anything
@@dueone820I use Klarna and a cash back credit card together for cologne.I can afford it I just don’t like the large amounts of money leaving either.
It’s like any credit. Just make sure you have the cash and automate the payments so that it’s paid off early or on time. It’s not really a big deal unless you’re bad with money
Exactly. Also a lot of these companies have a year or less for it to be paid back. So it doesn’t hamstring you forever. I went to Disney and paid $80 for 12 months to pay it back. Then I had extra money on the trip and had a blast. It’s like anything, as long as you are responsible it’s fine.
Well, why not be good with money and save ahead for the stuff you want to buy, so that you won’t even need to put yourself at risk with these services?
If you use klarna then you are bad with money. You’re signing up for a payment plan that doesn’t even build your credit, that’s stupid 😅
@@handleyobusiness Well my credit score has remained above 800 for years now, so I clearly have some idea of how to handle money 😉
If you borrow to buy now - you’re broke and bad with money.
I just climbed out of affirm debt. It sucks months down the road. Avoid it, this man is spot on.
Then stop buying you knew you couldn't afford it why would you do it wtf is wrong with you people?
Dont be rude he said he learned his lesson.@@Allious131
Tbh I like the services that Klarna or Affirm provide. Strictly from a time value of money perspective you are able to break down a larger payment into 4 parts while getting charged no interest and at the same time having access to the same capital minus the initial payment. Zero downside.
Agree BNPL get the working class out of debt Credits card keep the working class in debt a lot longer I try both The most evil thing with credit cards are back balances After you pay them off there alway aback balance owe If dispute it they will dock your credit report
💯
If arbitraging bad spending and savings habits like that is how you’re going to build wealth, I reckon it’s flawed. But good luck to you. It’s tragic for many ppl. This payment strategy plus payday loans are a bigger cause of issues for the clients financial counsellors than credit cards now.
Same here! I have always paid off the items within 4 to 6 months.
It's good if you're responsible but some people aren't
For those of you who don’t know Klarna is a swedish company and for some time ago there was a huge scandal here because one of their main management person said that the best customer for them is the one that can’t afford the things they buy so they will miss payments and they can charge extra interest. Klarna here in sweden had another business which is credit recuperation. All this is sold as smooth payments 😅
Oh for sure! Same with online courses.
Most folks wont even....no,
*I rarely finish courses I paid for lol
It works but of course if that is their intention then that's NOT cool xD
What you saying is true the best customer for them is a person that will miss payments. Let's look at the people who won't miss payments. Can they purchase things at 0 percent interest from credit cards beyond getting a introductory fee. Of course they can't because credit cards charge ridiculous interest. Why do rich people want the interest rate lowered because they want to borrow money cheaper. Same principle at work buy what you can afford and pay it off.
My dad once told me to not just make any debt. Or you'll get trapped for the rest of your life.
That's probably one of the the best advice I got on my life
Best thing I incorporated in my life. “You can’t save everyone, nor ever win a argument with ignorance.”
But you can with silence
The United States is grappling with the challenging combination of inflation and recession. An alarming aspect of this recession is the surge in consumer credit card debt. In April alone, credit card debt escalated by 20%, and rates have doubled within a year. Inflation has reached such heights that consumers are resorting to debt for essential life necessities. The signs of a collapse are evident, and the prospect of more layoffs looms. This is why I am considering entering the market now, anticipating a recovery in the economy. I am in the process of constructing a $600k portfolio. Do you have any recommendations for stocks in this scenario?
Focus on two primary goals. Firstly, prioritize your safety by understanding the opportune moments to sell stocks, aiming to minimize losses and maximize gains. Secondly, prepare to capitalize on market shifts. I recommend seeking advice from a Certified Financial Planner (CFP) or another professional to guide you in achieving these objectives.
May I inquire about the investment firm you're currently associated with? I had previously invested through Goldman, but their offerings did not align with my preferences.
Stacie appears to be really knowledgeable. Her resume, educational history, and qualifications were all quite good when I found her internet page. She will act in my best interests because she is a fiduciary. I thus scheduled a session with her.
I couldn’t agree more I’m in major debt. I just got a 120k a year job a couple months ago working 70 hours a week to pay it off, and just got laid off yesterday after pulling a 15 hour shift. Now it’s time to grind even harder to get myself out of debt. Appreciate the wisdom and knowledge one day we will sit down together. God bless everyone and may god watch over you all
This is by far some of the greatest content ever produced.
This is now one of my favorite channels to watch over any television out, when it’s like this especially.
Bro, good choice.
Valuetainment is where I get my news😂.
His personality and how he chooses to convey his messages is definitely the strongest parts of his videos
I always pay mine off early, but I have been late, but wasn’t charged. 🤷🏽♀️ Discipline is required with debt regardless.
I don't get where they are getting the info about this stuff. It's been great for me personally. I also get the "moral" difference of saving but don't see a difference in "saving" for a purchase vs breaking up a zero interest payment. Same thing just different steps. 🤷♂
@@bans5 Right. He must be getting paid by Mastercard and Visa to make this video. 🤣🤣🤦🏽♀️
@@brandfactorymedia IT'S AN INSIDE JOB!
I agree 100%. Admittedly, I am impatient and have used Klarna without a hitch for over a year. As you said, it is all about discipline.
@@bans5 This reminds me of prohibition; the product/service is 'evil' because some people use it irresponsibly.
With rates climbing in '23 and our mortgage at 7.5%, what alternatives can maximize savings without an RV move?
Affording our mortgage is tough. Considering cashing in, renting, and investing the rest in the stock market.
If you can afford to travel, you should manage the mortgage.
We own apartments but won't sell or inflate rents. Being cautious with rising costs.
Consider a fiduciary with mortgage-backed securities knowledge for guidance. Prices today may look like dips tomorrow.
I'd enlist a reputable fiduciary. How do I find and vet them? We value fiduciaries and are considering the idea
As long as you actually pay on time you should be fine. It has definitely helped me these past few Christmas
This is what I was thinking. It should be okay as long as you really can pay it off. I like to use it because I don't have any more credit cards with 0% APR anymore so this was a semi-good alternative for the time being.
I would never buy gifts on debt. Just explain to your kids that you can't afford it.
Yeah but that’s the point. It’s a behaviour thing. The company that started this makes heaps of revenue off interest on missed payments. Like zero interest loans.
These companies know your behaviour better than you. Just delay the purchase by 3-4 months.
@@NoRegertsHerethat's not true for everyone. And you can also apply that logic to CC
I use this as well for a lot of my purchases! I have paid off all of my items within 6 months and it keeps me from using credit cards.
I did BNPL on a Paypal thing because it gave me the option. I had the money for it in the bank, but I figured, why spend $60 when I can just do $15 over a few weeks. Now I have to go back and make sure I'm not getting charged any extra fees.
If you pay in time with autopay there are no fees at all, easy to abuse since every website is linked to Paypal and it just takes 2 clicks to purchase something
My dad taught me to borrow money to buy things that will appreciate and to pay cash for things that will depreciate.
💯 agreed if you’re indebted you’re easily irritated and can not take good decisions only the ones that suits your case and you become a slave of your loaner😢 I am new here and I value everything that I’m learning through this channel 💙 Thanks so much for sharing and Educating us 🙏🏾 I appreciate a lot
I loved the saying, "Buy now Poor later"!
I tried it and was actually very happy. I was able to get a Very nice bed. 18 months. Zero percent interest. Absolutely no complaint.
If you make your payments on time, there's literally no interest added.
*In full
If u can pay that means you shouldn't be in such deals to begin with 🤔🤔
@@mpumelelobeyers957 haha I appreciate your smart ass tone but let me school you. They're just like credit cards genius, but they only charge interest if you miss a payment, so they're actually better than credit cards, so they're good if you can pay them off. Do you tell people not to use credit cards too?
I'm not a fan of these either but have used them for larger things when I know I can make the payments. Can be much easier to budget a $200ish payment over a couple weeks vs a one time $1000.
But doing it on absolutely everything is absolutely stupid.
It kinda makes sense for emergency purchases, but outside of that if you don't have the money then don't buy it. If you want it, save for it
Thank you Pat. I have been with you since you were doing lessons on the whiteboard. I am so glad to see you have so many eyeballs. We need you and the others like you in these troubling times.
I use afterpay and have never missed a payment because I use it on things I can already afford.
I usually at 2x speed but bro makes me switch the speed back to 1x... No dumb talk only straight to the point.. great job.m
The Andrew Jackson quote was in reference to one of the 1st attempt of a central federal bank. He hated the idea of centralized banking. But of course, in 1913 the robber barrons took over started the Federal Reserve & the country has been in chains since
Reminds me of the rent to own stores when projection TVs were all the rage. Now you don’t even take them to repair shops, just throw it away and get a new 40” led smart tv for $150.
Not as terrible as having a credit card
Cant believe they made that the norm
Exactly, having a credit card is stimulated by having a "credit score" lol sounds like damn socialism
Actually, this is now a bigger problem for financial counsellors in Australia than credit cards. Which is saying something, because afterpay and others like it haven’t been around for that long.
Having a credit is great for responsible people yall just have a spending problem
Totally agree. Being in debt SUCKS!!!
I have been EXTREMELY LUCKY to be able to get out of it quickly. My father bailed me out. Lesson learnt ever since.
Never again.
NEVER AGAIN!!!
Now, I work in retail and I see consumers coming in to buy stuff they don't know anything about and, the way I see it, have no use for and asking whether they can pay by instalment or BNPL methods... Just makes me think they are so fucking dumb.
To the people who think "As long as I pay on time, I'm good."
Think about this.... what would happen if shit happens right after you make a purchase? and you can't make the next payment?
Or... since you're constantly thinking "I got the money/income. I can pay on time, I'm good", very likely you might fail to keep track that you have made quite a fair bit of such purchases and the monthly payment is actually slowly (but surely) creeping up. You run the risk of losing track of how much you ACTUALLY need to pay.
And right at that moment, shit happens. You lose a job or a loved one suddenly falls ill and need urgent care (and we know that is very expensive). Shit can come in any shape or form.
What you gonna do then?
I'm happy I grew up poor. We learnt how to sow our holes in our cloths. We bought second hand cloths from charity shops. We also learnt to share our stuff.
Top ramen is gourmet, especially if you use bottled water.
Oh wow, thank you for using your platform like this Pat, to elevate people’s ability to stay out of/avoid further debt. Awesome!!! God Bless 🙏🏽💟
I love your videos my first video was to not say the T word and seeing this video gives me another reason to push me to be better. keep going youre motivation for everyday people that are trying to get better. have a good day
Pat criticizing BNPL is laughable 😂considering he ran a sleazy MLM insurance business where 95% of the licensed sales agents make less than a minimum wage worker making $7.25hr while he leeched off their commissions!
Exactly
Facts! This dude is such a weasel
Exactly!! This is exactly the problem with this guy!! He made his money not paying a bunch of sales reps and then starts talking about other companies. He is such a weasel is correct!!
Source?
@@sebastianlucas704 "Coffeezilla exposes Patrick bet david MLM"
most of the debt is from buying a luxury. Sad story.
I’m glad that my brain isn’t forged as an hungry money spending Bot like others. The crazy thing is that I’m only 17. This channel really helped my mindset going through life.
Good for you!!! You already know more than many adults. Wish you a great future.
SENSATIONAL! Keep that mindset it will keep you out of trouble in the future
I was the same way when I was your age and I made damn sure to avoid such foolery, no crippling debt over here and I barely use my credit card
@@brizzle3903 that’s awesome wishing nothing but the best for you. Life is tough but with the right mindset anything is possible.
@@dennisalbrecht6438 thanks 🙏🏾
I'm 24 and I'm with ya. Glad I'm a naturally skeptical person and a savvy shopper. Keep that mindset going in life!
I used Affirm to buy an HP Laptop. Did not miss a payment because of the extra fees.
I once tried the Buy Now Pay Never payment plan, but the cops rounded me up and put me in a small room with three other guys and made us wear orange clothes, and the food was crap.
Based af
😂 that was the “oh f**k moment 😂
What is based sorry my English not good
You're doing it wrong. It works these days, just ask Walmart as a sizable portion of transactions are conducted this way
@@raiden031sizable in terms of quantity =/= sizable in terms of dollars. Everyone knows retail lets you get freebies up to FELONY MODE then they take the gloves off. Target and Walmart both operate this way
I bought couple devices through affirm (2k$ total). 0 interest. Set auto payments and forgot about it for 2 years.
Paid off a year ago. Don’t see what is wrong with it)
I could pay it forward or leave money on my bank account which I’m collecting % on for keeping cash. The choice is obvious to me.
I’m from Slovakia and I’m always surprised to hear such things. Here, people are much poorer than in the US (average wage is about 12k a year). Yet it is difficult to find someone who even has a credit card.
That's why you're poorer. No money flowing around to stimulate the economy
@@MrHjacky Might be true but does that help long term? One day the debt needs to be payed back forcing everyone (government included) to spend less eventually.
All this video proves is that by now pay later is a lot better than credit card debt
I would have to disagree. I very often open new credit cards with 12-18 months of 0% interest and max them out by paying my bills. I then take my bill money and save or invest it. Pay the card off in full the day before it starts to accrue interest.
I really don't see how you got that from this video.
BNPL is a snake, and it will bite you if you don't handle it correctly. I will use it from time to time so I don't have to go into my savings for something, but I do have the money on hand to pay it off should something happen like job loss.
Aside from large items like a mortgage or a vehicle, if you live by the philosophy that if you don't have the money to buy it today, then you can't afford it. You'll have a much less stressful life, especially when you get older and want to think about retirement.
@@whatta7793that sounds like a really dumb practice. Holy shit. Just pay your bills
@@eclark9965 only because you don't have two braincells to rub together so you don't understand how to do it. I do pay my bills. However, I also borrow money at 0% interest, which when my savings account is earning 5% guaranteed, simple math buddy.
It’s only good if you can pay it back on time. For instance I would have used my CC for BF purchase, but my payment was due and I do not want to get charged interest. So I used BNPL, and paid off my CC. I mean I could have used another credit card but I only use this one card for online purchases. (And I normally have savings, I just had to loan out practically all my savings to my family, I don’t expect them to pay me back, I can regrow my savings again.)
I tried it once but my rule was to pay off my car first so that I didn’t have any other debt. I can definitely see it getting out of hand if you start financing everything though. I doubt that I’ll use it again even though I paid off the item early. Just having that debt lingering over my head wasn’t a good feeling.
My wife and I decided many years ago that we would get rid of our credit cards, and if we couldn't pay for something, we didn't buy it. We paid for food and mortgage payments first, and we committed to saving every pay day. Even if it was just $1.00, we saved something. Today, we have no debt and no money worries. We still have to be careful, but we don't worry about money.
This is great. We have to live within our means. I love that I have no debt just by what I have money for. People are slaves to debt. Everyone needs to wake up to this.
Personally I don’t see much of an issue with BNPL there is no interest charged and the fees that are disclosed are usually less than $10 however, I will say this it incentivizes buying above your means.
Just don’t go crazy and forget to pay on time. Don’t get too many loans going. If you pay it off early and don’t get in over your head it’s a good option. Especially for those like me without great credit. It’s not all evil ppl. It’s actually helping me save some $ in order to pay these payments off. Before I would’ve just blown my whole check, remember not all of us are so financially lucky or savvy.
What if I told you that having no debt can negatively affect your credit score?
What if you knew that negative criticism of Semites negatively affects your credit score?
Exactly don’t go crazy. I’ve used it and I have never been late. You only take on a pay in 4 if you know you can pay it off, use common sense and it’s fine.
I'm not from the US but we have similar programs.
Before I got my credit card, I did use one since while I could pay the whole amount, it would set my savings back.
I never got more than one loan and I always paid at least a day early.
It's about discipline really.
I don't think its so dangerous if you have the money to pay when the charges come but the idea of continuing to expand credit (with no preconditions) to people that don't have money is def dangerous but I suppose these BNPL are considered "innovative" in the sense that its like of like fractional reserve banking, stretching $1 to $1000.
They have done their research, the majority of the masses using this will make sure these companies stay profitable
When used properly these are interest free loans with no downside. Just like any other thing in life this requires personal responsibility.
You can concentrate on keeping track of your multiple monthly payments. Or you can save for things and only concentrate on investing. The arbitrage is minimal for the head space required
Word
If the buy now pay later is interest free and it automatically comes out of account (so I’m never late) I was always told why not use other people’s money when you can. I’m getting either way cause I have money.
This has been my thinking. I've done better with bnpl than credit cards. At. At no interest and it's automatically coming out of my checking account it helps with budgeting.
Same. Just don't be late and spend money you KNOW you have/will have.
Great content Pat... i do use it from time to time for something i was gonna by anyways just so i can use the extra cash flow to invest. i think it can be good as a tool for that but if you are doing it because you cant afford something then yes stay the hell away from it.
So much wisdom in such a short message.
I've used this but only if I already had the money to pay for it. And i do that cuz they should be reporting to credit agencies so it looks good when you're making on-time payments
It took me many years but I own my own beachside home and a few nice cars, and I am completely debt free. I work three days a week just to keep active and am loving life. I borrowed but I never borrowed more than I could realistically repay.
Great advice! I stopped using my credit cards over 10 years ago and I only use my debit cards. It’s so freeing! It’s not called “Master”card for nothing! 😂
Good for you
If you have cash stability-You might be missing in a lot good rewards from credit cards
@@diaz-kasper those "rewards" are off the backs of others' who are bad with money or simply, that life happens to. But good on you for not feeling bad about that. My goat
I do use a credit card, but I only buy things that I can afford (right now I only use it for groceries) and then I schedule the payment in full soon after. I only use it to build credit.
yes i agree. cash is still the best transaction method. your wallet will alert you when your cash is running low so you can limit your spending. buy now pay later is good for purchasing a house, car and business but not for daily expenses. you're not a billionaire so play within the circle depend on your affordability.
Sometimes we got to do what we got to do
Thats fine but make the payments
I use this only in small amounts. For example, the item is $400, and they break it off to 4 $100 payments 100 due right then. I am paying my normal debt along with getting items for Christmas. Then again, my home doesn't buy useless items.
Same I like guns and gear so I’ve use this to build my rifles or something like that but I would never have more than 1 purchase (BNPL) at the time and if I wanted to my expenses are too low that me and my wife can easily live off of 2k a month we both work full time but man I love the feeling of living free no big debt theres money always in the bank
Stay on top of your bills. Pay early or on time and you won’t have to deal with any of these negative consequences. It’s really that simple
If you can’t afford it or REALLY don’t need it, don’t buy it.
Bet on Bet David ! Hi Hunter 👋
Didn’t it used to be illegal for interest rates to be above 20%? Seems like legal loansharking is here for everyone.
I get pay laters have its shortcomings, but it’s still a hell of a lot better than using a credit card
Amen 🙏🏻 my brother, nothing like a personal testimony to bring meaning to a podcast
I was like you till 2008 GFC
Cut them cards up and today living Debt free 😎
These buy now and pay later has helped me with essentials, meaning my glasses. They are good when used responsibly. When you buy just for sake of desire the road leads so high stress, depression, hunger and a low standard of living.
I Just wanna Say thank you to all those companies taking the bullet for us, willingly going to hell for indulging in these activities which are forbidden, but not entirely on the client side 🤷♀️😂
I’ve used these services before. But I’ve spent within reason and had the funds to fully pay. But as another comment said. Use them wisely. It can be good but also bad
PBD gets it
Well said! I really appreciate the honesty and the presentation of the situation!
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you…prevent inflation
Speaking of being successful, I know I am blessed if not I won't have met someone who's as spectacular as Maria Williams
I must say crypto is the future and the way Investment is the only concept that separate the rich from the poor
Over here, I lost a lot of my savings which I will never try anymore. I’m such an idiot if I think about what I did trading on my own without no professional guide
How do I get started with her now?
my first investment with her gave me profit of over $24, 000 US dollars and ever since then she has never failed to deliver and i can say she's the most sincere broker i have ever known
Buy now pay larer, isn't that s mortgage. Ok, built my 3x story beachfront house this year in cash saved.
There's alot of truth in here.
News we can use. I've seen this and Wondered what the catch was, there's always a catch. Now I know, thanks!
0:00: 💳 New 'buy now pay later' trend allows consumers to make purchases with flexible payment options, while companies make money through back-end fees.
2:30: 💸 Companies and the government encourage spending to increase GDP, leading people to become addicted to spending and go into debt.
4:24: 💳 The video discusses the growing popularity of buy now pay later (BNPL) as an alternative to credit cards, with a projected market value of $4 trillion by 2030.
6:43: 💳 The video discusses the consequences of missing payments on buy now, pay later programs and the impact on consumers, companies, and credit scores.
9:04: 💰 Resist the temptation to overspend and increase your cash by avoiding unnecessary purchases and credit card debt.
Recapped using Tammy AI
I just use it when I have the money, but might return some items that I've ordered, or to get a little bit of an edge on interest
when I get 0% for a 1k TV while getting 4% interest it's just a 40bucks discount ( assuming 1year payback)
Its a trick that works everytime
You have to really know yourself and your situation to benefit from these. Am I a forgetful person? Will alarms help? If I lose my income, can I find another way to pay? Do I need this item? Etc. If any of these are negative you should reconsider. But if ypu can its an awesome tool.
Gotta give Biden props for getting us to 5% growth while keeping us below 4% unemployment for the longest stretch since the 60's. Didn't think that could happen
Well anything can happen when you got a magic wand.
I always take it as my starting gift in the game of life
Anything is possible when people have to work 2 jobs to have a lower quality of life than they did 4 years ago
@@dereckkessler multiple job havers are at their historical levels of 5%
When the goverment writes its own report card it’s straight As …..shocker
This is to lack of financial education as a child. This needs to be taught to children from a young age. I'm at fualt for not teaching my kids when they were young and for not learning this myself as a young man. Not going to play the blame game and take my
Full responsibility for my situation and childrens. I'm very thankful to my wife who fixed that problem.
Me and my wife have zero credit because we buy everything for cash. Our two house's are paid for and we only pay our taxes every year. And life still seams hard just to keep everything running even our vehicles. Ive been a mechanic all my life and the parts cost way too much.
Im addicted too this and i cant stop.
Klarna is great ... They will not give you a high limit like a credit card and you really pay extra attention to klarna because you have to pay it off within two months... You usually forget wtf you purchased with a credit card ... You'll go two years just to pay for a laptop with interest
BNPL has been very beneficial for me. As long as you pay in time or early these options dont show up on credit reports. So i keep my CC usage low and make big purchases with BNPL and i havent had any issues.
This is how it’s done.
It’s nothing new Rent-Center-Aaron’s-Payday Loans have been doing it all
Personally I don't really have a problem with the own now pay later in instalments, I mean this kind of thing always existed even back in the early infomercial age of cable TV... As you said its all down to consumer responsibility.
I'm not dumb enough to take on multiple loans like that, people need to learn how to live below their means to prevent being a debt slave but the split into 4 payments has actually helped me to pay off some expensive stuff that I needed, nothing I wasn't able to pay off on time as well so I personally didn't have an issue with them....
The only real downside I can see is if you forgot to put on the automated payments, or your just THAT bad at managing your money.... Thats more of a YOU problem rather than the company issuing the loan.
I used it several times. But only on items that i have the cash to pay it off. It's just like credit cards, use them responsibly. Then it's going to work for you other than against you.
This video is straight fire! Preach it PBD, being in debt SUCKS!!!!! Avoid it!
Im DCAing in SYN24R as well. ETH heavier DCA and ALGO. Im taking your advice and starting Google tomorrow with a 50 dollar purchase and continuing Microsoft and Apple. VTI and VOO on another app and longterm portfolio. Here we go family!
Canadian here, they’re now introducing this is an option for purchasing groceries 😔
This great content on things like this that are going on!!! Would love to see or make more content on credit being as important as being a great dad or keeping yourself alive!! ✌️
These payment systems are a bigger problem in Australia now (at financial counselling offices) than credit cards
Well I live within my means. I paid 60k for a house and 10k for a car. I underspend on everything. Pay off my credit cards every month and put every spare cent in savings.
Amazing video
Pat I'm interested in seeing the breakdown of male vs female users of BNPL - I feel like the categories you showed make me think it's female driven.
It is, they online shop with it crazy for clothes , bags, shoes ,make up etc.
I only use it when I don't have free shipping. I have the full amount of money and I can pay it no problem but that shipping gets me. I have never missed a payment, just put it on autopay. It has never been an issue.
Great video, Pat. Thanks for the insight. I Like the bit about the bar man, fallen for that a few times. Great work, and so true.
😅omg patrick your amazing !!!!! God bless you !!!!
Also, doing these buy now pay later payment charges your debit card. You can't use your credit card for those payments.
Patrick we need this in Espanol
Goldman Sachs lets you buy an iPhone with zero percent interest… they give you 2 years. I just use it long enough to get over the holiday… I could buy it, but zero interest doesn’t make it bad for me.
I moved to colorado & started seeing a cheerleader from one of the colleges here, once she told me she was making 12 month payments on a ski pass I was out 😂
Lmao I see my coworkers on a 16/h salary maxing out Afterpay buying snickers 💀