The financial effect and businessman Haley Sacks join “Fox & Friends” to explain the reason for avoiding young people “now buying, pushing them later” and shared other financial advice.
“Buy now, pay later,” grows quickly in popularity among American young people, but not everyone is convinced that they are a smart financial option.
Haley Sachs, influencing personal financing with more than a million online followers, has released a chilling warning about BNPL plans “on”Fox & FriendsTuesday, and called for “predatory” practice.
“My opinion is that you should not use” buy now and pay later “at all.”
“If you need to finance something, use a credit card and a lot of credit card companies have options” payment over time “with 0 % interest.”
SACKS argued that credit cards offer important benefits that there are no BNPL plans, such as consumer protection and credit building opportunity.
Buy now, pay the shots later: Many consumers pay loans
KLARNA on a laptop ranked in GERMANTOWN, New York, United States, on Saturday, May 4, 2024. Consumers have adopted “Buy Now’s products, and later pushing them” that allow them to pay for purchases in installments, but it is not clear the number of these products L.
The services of “Buy Now, Pay Paying” buyers purchases to divide purchases into multiple installments instead of paying the full price in advance. However, if users are not keen to pay payments on time, they may face late fees.
They are expected to reach standard transactions sizes this year after initially marketing them as low alternatives to credit cards. But financial experts warn that relying on these payment plans can lead to increased spending and speed Debt If consumers are not on their head.
Costco is starting now, and later paid for online purchases by confirming
A LindingTree survey From April, it was found that more Americans are using BNPL services for daily necessities such as groceries, and that 40 % of users admitted the loss of payment on at least one loan last year.
The factors that can lead to transformation are high prices, high interest rates, and student loan payments, which were resumed less than two years ago after stopping during the Covid-19s.
The co -founder and CEO of Max Levchin “Buy Now is discussed, and later pushed” Campan “.
SACKS says these factors are part of the reason for the echo of these types of postponed payment plans with a younger generation.
She said: “Gen Z faces a lot of inflation, and the wages have not remained, and this is a way to be able to get things you want,” she said. “But of course, you pay the price.”
According to the LENDINGTREE survey, which included 2000 consumers between the ages of 18 and 79, nearly half of the American adults used the BNPL service like Clarna or confirmation. The millennial generation shape is the largest share, but the Gen Z and Gen X was not far from the knee.
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