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The PROBLEM With Buy Now Pay Later

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All these planted commenters is absurd This company is the absolute worst Comment from : Jason Smith

I’ve used these services (Sezzle, Affirm, Klarna) over the past year or so and the point of the video is well-taken: if you don’t watch yourself, it is easy to get yourself into trouble by over spending To be sure, I did catch myself buying way too many ‘impulse’ purchases simply because it hurt much less paying 1/4th upfront; Only to find myself making all kinds of installment payments for weeks/months thereafter Once I learned that lesson, however, they’ve come in handy multiple times simply by facilitating the transactions whilst minimizing the amount of cash/credit paid out initially I’ve been trying to keep my credit usage at 30-50 or thereabouts and, when I need to make a larger purchase, it helps to be able to break it up into 4 payments Also, making much larger purchases is much easier (without maxing out my cards) thus allowing purchases I would not be able to otherwise make, so they definitely have a use if you’re responsible As for the companies themselves, all of them are very transparent with the payment amounts/dates and they will allow you to reschedule should the need arise - I have found customer service to be excellent - so no complaints there Comment from : MiamiJules

So dude pretty much saying don't overspend lol bruh saying too much Comment from : Juan Pulido

Notice its young people saying this hey how about credit card companies or check into cash places You are loaning money pf course its an expense when they pay the whole thing for you You and other people dont understand that 1 you have to be responsible and not by everything and load Cough you know like a credit card cough Notice people its only about these aps and no credit card companies or banks they talk about Which charge higher and damage your credit and Reposition and jail So yea self control pay yoir payment installments ans dont buy anything till your done and have more money in bank Comment from : Jonny Mars

yesterday i buy new book, the book so nice Comment from : Siti Nurijah

Thank you for making this video I was trying to determine whether or not to start using Klarna for payments that it really isn't necessary for, but I wanted to build my purchasing power on their website Your description on how more people using this service will raise the prices overall on websites made me decide not to bother Comment from : chlorhex

This wasn’t even a negative vid so this dude just made us want to get it than to not doing so 🤦‍♂️ Comment from : Nicardo Dixon-Parrish

I have used afterpay to pay for food and school supplies when in a pinch I only use it as a last resort Comment from : E Reyes

Lol so pointless It’s not about affordability It’s about east of use and make it easier to make the paymentsI set it to auto payment so I never miss a payment Comment from : jhugo1986

Save now pay later For us Millenialslayaway Comment from : Mello

Great video, super thorough! Thanks Daniel! Comment from : DavidKindness

I have used MANY of these pay in 4 plans, I have never missed a payment But you are right, at one point I had too many Pay-in-4s running and it got expensive FASTbrI still use them, but sparingly, ideally, I want to stop using them, but if I do, I make sure to plan ahead and only do a couple at a time depending on the amount I would never use them for anything below $90 or above $400, and 400 is pretty high, nglbrbrHowever, "Save Now Pay Later" is a much better option! Comment from : Cartoon Cynic

I definitely have handsome, thanks 😊 Comment from : HELPME100

I used them all and I have no problem Easy to you and if you know how to manage your money you be o k Comment from : Cypha Kickz

No, they pay the same amount for debit and credit cards If you dont have a rewards card, they just keep the fee Cash can actually be more expensive to pay in Comment from : tutacat

All debt is just debt Except european student loans Comment from : tutacat

13 minutes to say what should have been conveyed in two minutes Comment from : Kermit Froggie

I disagree Those buy now pay later company is blessing in sky it give you more time and fixing your budget Comment from : Billingz

It is good when it comes out of my bank account No interest Done Comment from : Jewel Ofthenorth

Bnpl is legendary, I recommend everyone to use it, just be responsible and don't miss a payment because you'll get charged interest, it's simple! Comment from : Jason

Thanks, very usefull info, 👍🤘 Comment from : manuelmetallica

I've never used Affirm or any of these services, but I'm huge fan of Max Levchin You should really go listen to any of the podcasts he's been and actually learn about the mission he's on It's easy to assume the worst and that BNPL is just another way to sink people into debt It's there to provide helpful resources to people who would otherwise be preyed upon Comment from : Claylyn Tirrell

I like karna, it helps meet my budgets Comment from : Terry Chen

Lol i mean y’all don’t pay off ur shit? Ppl saying accumulating debt is just not financially responsible Comment from : Terry Chen

What if you use it to buy something for your business? Comment from : Tony Slaughter

Apple just put out a $3500 USD pair of AR goggles and have their own BNPL servicebrbrThey are about to enslave a lotta people Comment from : RC

Been using for 3 years never had any issues Comment from : Nelly Chanelle Comedy

I use affirm and I set up autopay with zero problems This is more like a lack of discipline video lol🇺🇲 Comment from : iwinzeazy

Love the content but my guy, stop moving your head and hands so much while talking Is incredibly distracting Someday you will find a plane landing over your head, you just need those orange sticks Comment from : Nelson

I used BNPL on items that I need but at discounted prices only I love it, not going to lie about it I use spreadsheets to watch payment dates and pay ahead of the timeframe Comment from : patp

I think Buy now pay later is fine as long as you know what you and you don’t brbrYes, you can like with four pair of clothes and two pairs of shoes ideally but unless you are minimalist, that don’t make sense tbh Comment from : Anindya Ganguly

This method of payment has actually changed my spending habits and how I paid I have stopped using credit cards and like the discipline of fixed payments Also has boosted my credit scores Comment from : kz84

To your point at 5:04 it would be really different if the dealership said zero percent interest for a $20k car Affirm is pretty good for the zero percent interest Comment from : ShakUltra

😂 dont talk of what you dont know Comment from : TheAlchemistXYZ

I've heard Affirm and companies like that will start affecting our credit scores here soon I remember when I first signed up for Affirm, they specifically said they didn't affect your credit IIRC they didn't report to the credit bureaus at the time? Comment from : Ryan Robinson

Buy 2nd hand and pay with cash for everything!!!!including your women!!! lol lol lol! Comment from : Sooth Sayer

i used affirm to literally buy a mini truck I have no regrets, it’s paid off, and boosted my credit Comment from : Juan Martinez

I use affirm for big unexpected purchases because it tells you straight up how much you would pay with interest Never had any issues with affirm everything is straight forward and at the end of the day you have to decide what works for you and be responsible Comment from : Mr Franco

these are silkroutes, it is not only money but traveling along complete shopping cities advertising and making you spend all you can Comment from : L J

$3 bucks extra to let me enjoy my money while earning more money I like it Comment from : asoftdolphin

I bought my house cash Thinking of buying my next car cash I’m not a fan of payments Comment from : Jorge Delreal

It helped me i need a part for my car and it was one of those days a friend told me about afterpay i tried it and that was it i wasnt about to to run it up on stupid things as i once did funny at this point in my life i worry about paying anything back on my credit or not living off an 850 street credit score didn't help that day Comment from : Jon k

Is there late fees? Comment from : Bob the Builder

What about if it's on sale and you can't buy it? Lol, we live in a material world! I'm getting it now! Comment from : Luv Matters

My credit score shot up and helped my CC utilization Huge win if you have self control lol Comment from : Ignacio Zamudio

every example on this topic the examples shown are things that are maybe one or two hundred dollars Why they never talk about things like motorcycles or moped scooters that are available on Amazon I do not know I wish someone would talk about this topic Comment from : scrambler69

I paid off affirm early and they locked me out of my account Told me it was an unauthorized purchase Now they need to verify my identity sent them everything and still don't have access to my account Comment from : The Info Spot

No Comment from : Byron Deithrick

Should someone who just opened their first credit line be using these BNPL options? And why if yes or no? Thanks Comment from : Jam jam

I used Affirm to get my Tredmill just because I didn't want to charge it to my card because I like to pay my card off every month I usually try and think about the best way to buy it Can I afford to pay the balance off on my card or will it be better to just make payments once a month Comment from : Linda Lloyd

Blah blah blah I’ve used it I have no issues Comment from : Satisfying Studio 13

I used it and paid it off no problem Comment from : LATIN THRONE ENT

All these "gurus" out here saying if you can't buy it now you can't afford it probably pay monthly house, car and phone payments Comment from : Exile Island

Great explanation! This video was very insightful! It is so alluring to use the BNPL, but we must resist because the cost will be passed onto consumers at some point Comment from : Cupcake Queen

I Used affirm when I payed for my ticket it went from $400 to $420 with the APR But it was a good they split it in 3 months I also used Afterpay and klarna sometimes to buy things here and there but never had issues Sometimes I just pay off the second half all together Comment from : Julius Torres

🤡😂 Comment from : JOSH BACKWOOD

I watched till the end of the video and still don't see how BNPL is "scary" or a scam It simply offers flexible payments (with actually 0 interest) so I think it's a great alternative to other payment methods As other viewers have commented, as long as the buyer is discplined and remembers to pay the remaining instalments, there is absolutely nothing wrong with BNPL brbrI don't buy (no pun intended!) the argument that BNPL will gradually make retailers increase their prices Other more important factors affect product pricing Comment from : William McCabe

I was thinking of using Affirm to pay for a laptop Something I can pay off in 8 months, I have a desktop, but it lacks mobility and I've grown too accustomed to distractions on it I don't intend to use it beyond this purchase, nor do I have a desire to juggle debts Comment from : Kyle

Affirm is awesome! Comment from : smoo9309

I use Affirm all of the time, trick is to have the monies coming in and pay it off quickly, in a week or two Comment from : Michael Wright

I used it w/ Apple for a single planned large purchase of which I would buy anyway I sat on the cash in my interest earning account It's not much but it covered inflation if after 2 years But I know it's there if I need a spur of the moment investment Otherwise, my payments come out of cash as well as I double into the savings to pile up for a future purchase So this becomes a plan & save since I know I will be upgrading in 2-4 yrs brBut if it's your only single planned purchase like a phone & you feel responsible! Don't upgrade till you feel its needed Comment from : K Hanscombe

"For some, credit card is associated to debt", same people: "hey, let's buy some overpriced sneakers using this disguised debt scheme instead! Seems like a smart idea!" 😉 Comment from : JD

Ive used KLARNA and AFTER PAY multiple times I’ve never had any issues Comment from : Eric Hatake

Daniel, I fully respect you, and I'm implementing a lot of the advice you offer on your channel and have increased my credit score using some of your techniques However, I have experience with BNPL services, and I have to say you are completely incorrect on this one Klarna, AfterPay, and Sezzle don't charge late fees and don't pull credit They also don't report late payments as long as they're paid within 30-60 days of the missed payment They make ALL of their money from retailer commissions There's no actual cost to the consumer Moreover, Klarna actually forces their customers to autopay the loan, since there's no way to turn autopay off The only way to miss a payment with Klarna is if there isn't enough money in the account attached to a specific loan Affirm is more strict and does soft inquire and will actually deny loans to customers who have outstanding accounts There have been several times I needed to purchase something quickly for some emergency and not had enough to cover it I have used Klarna in these emergency binds, and it has saved my butt many times It has also helped to improve my credit score Comment from : Glenn Turner

Welcome to live into western lifestyle dream brDebt brInstagram lifestyle brKeeping up with the Joneses brUSA Comment from : 🥳 Santino 🥰

It’s a double edge sword Comment from : Jose Lopez

I currently have serval "loans" with affirm The only major negative that I have with them, is the fact that it can say 0, but once you get ready to complete the purchase, most of the time you have to put money down first in order to get it The one good point to affirm is the fact that I don't have any late fees However, lately, I found myself in a situation were I had multiple payments due at or around the same time and I had to figure out how to pay for them I will say in all this video is insightful because you did reveal some things I did not know or consider before Comment from : Brandon Keith Anthony

Buy now, pay MORE later😂😂 Comment from : Fog runr

Best pillow background 😂😋 Comment from : Telugu TechMix

Your video doesn’t apply to me because I been using klarna for about a year and I have never had a problem or felt behind with a payment I have thousands of dollars in my bank but in America that’s how u get rich play with your money or die trying also I’m working my credit I’m a grow man and responsible doesn’t make any difference for me because Iknow I got the money to pay but good video just doesn’t apply to me … Comment from : Edgardo Ramos

2:40 Comment from : Kev

I wonder if I can buy now pay later on gas so I can take my azz to work 🤔💭 Comment from : Chris Gray

Zipay went up to 795 amonth! That's almost 100 dollers ayear! brI never missed a payment but as soon as it went from 600 a month to 795 I'm like nope! Paid it off my debt and I refused to look back on it! brAnd i have a friend who gonna do do it and I told him not to It's such a bad ideabrIt's designed for you to never pay back due to the monthly fees I saw right though that once they increased the fees Comment from : Aazah

I am never going near buy now pay later again Comment from : RallyFight Entertainment

I use this all the time Just make sure you pay on time like a credit card and that’s all I use this just because I don’t want to put too much balance on my cards since I only use cards for everything Just be responsible and you’ll be good Comment from : Joey

I paid it twice a month and early Comment from : TheFlex24

Good content, almost buy in newegg with affirm, thank you for this Comment from : Julius llaguno official

i've used Afterpay and love it they've even increased my shopping limit For me it's better this way simply because walking around with that plastic card in my wallet that have gotten me into trouble in the past just seems like a magic card that i swipe and go without thinking of a later It's something of preferences we're all wired differently Comment from : A Ven

FKK dude your a windbag Comment from : D

Does he ever take a breath while talking?😂 Comment from : Vera Wells

I see several comments and what I mention may be redundant, but is your perspective on buy now pay later surrounding gratification? You mentioned that you do not see yourself using these options but using a credit card or loan services for whatever reason is the same Marketing and creating ways to get a consumer to spend more is across the board To be honest with you, using a process like Klarna can be a wonderful budgeting opportunity because you are not wasting money on interest Yes, for someone who is not responsible, this could be an issue but that is the same for interest rate purchases using credit cards Saving up money is wonderful but it may cost you more for that purchase if the price changes or no longer available Comment from : Jay

How do you invest your money? What are some ways can I invest my money? Comment from : Wolf E

If you use BNPL responsibly I don't see the harm The issue is that, as with credit cards, people don't use them responsibly Comment from : Arty Ivanenko

I enjoy Dan’s videos but this one is a little bit off Whenever you’re given the opportunity to get short term financing at 0 take it and make payments as required Judge affordability by the total amount not the monthly payment and you’ll be fine Comment from : FlyingDin

Afterpay is awesome I've used it 3 times within the past year and had No issues There should be more apps like it to be honest I didn't care for Klarna because my credit score is meh, so I didn't get approved but Afterpay? Easy peasy and straight to the point 🤷🏽‍♀️ Comment from : Sage B Ramblin

actually most sites that i went to is buyh now pay 13 payments over time later Comment from : kevin H

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