From Impulse to Remorse: The True Price of Quick Shopping

It may seem simple—buy now, pay later—without any interest, fees, or credit checks, just four manageable installments. However, digging beneath the polished surface reveals that these "Pay in 4" schemes are not as favorable as they appear. From footwear to furniture, the Buy Now, Pay Later (BNPL) model is rapidly infiltrating retail, with companies like Afterpay, Klarna, Affirm, Sezzle, and Zip enticing consumers at checkout: Pay less upfront and break down your total into four installments. BNPL operates as a short-term loan allowing users to divide their total costs into smaller payments. However, if payments are missed, late fees or steep interest rates become applicable, defeating the initial allure of zero interest. This trend has surged, particularly during the pandemic, targeting consumers often without credit or savings. Ultimately, while marketed for convenience, BNPL fosters impulsive spending and potential financial distress. As a consumer, prioritizing financial discipline is essential over immediate gratification.