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Why “Buy Now Pay Later” Is a Risky Idea for Consumers

u201cBuy now pay lateru201d has become an increasingly popular way for people to shop, but it can lead to increased debt and living beyond your means.

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Why “Buy Now Pay Later” Is a Risky Idea for Consumers

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  1. Why “Buy Now Pay Later” Is a Risky Idea for Consumers

  2. What Is Buy Now Pay Later?? BNPL is essentially a point-of-sale loan where a customer can purchase an item and then pay for it through regular installments over a set period of time. BNPL options have grown significantly since the pandemic, but consumers should understand the risks before making it part of their daily budget.

  3. What Are the Risks of Buy Now Pay Later?? • The biggest reason why consumers use BNPL services is because they cannot afford to pay for an item or service upfront, and to avoid interest and fees. • BNPL can make shoppers think low weekly or monthly installment costs are reasonable. But when you purchase a large number of items, you end up with a whole lot of BNPL payments. • Multiple purchases can make it difficult to keep track of payment schedules and make it easy to miss a payment. Even if you miss a payment with PayPal or Affirm, which don’t charge fees, missing a payment can damage your credit score if they report the unpaid debt to credit bureaus.

  4. Why Should You Trust Sharp Asset Management for Your Retirement Planning? Sharp Asset Management Inc. is an independent portfolio management firm that is 100% owner-operated. Since we are a highly concentrated group of professionals, we can respond quickly to changing market conditions. If you’re looking for a portfolio management firm or asset management company in Toronto, Mississauga, or the GTA that can help you build a diversified portfolio across asset classes, countries, and regions—one that best suits your investment goals and risk tolerance—Sharp Asset Management can help.

  5. Contact Us Sharp Asset Management 21 Greenwin Village Road, Toronto, Ontario, M2R 2R9 Call: 416-722-9009 Email: pstewart@sharpasset.com / hilarypoff@sharpasset.com

  6. Thank You! For more information, visit us at: www.sharpasset.com

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