The Truth About Buy Now Pay Later

The Stacking Benjamins Show

Joe Saul-Sehy and Josh ‘OG’ Bannerman, CFP

Education, Business, Money, Investing, Financial Planning, Cfp, Personal Finance, Retirement

4.4 • 2K Ratings

🗓️ 18 February 2022

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Have you seen -- or used -- those popular buy now, pay later apps? They seem to be on almost every website as an easy way to split your purchase into several payments, all interest-free. As tempting as it may be, the downsides might hurt your wallet in the long run. While paying in installments with no interest might work out for the best for some purchases, it can also lead to a habit of overspending. Today our roundtable discusses a piece about these popular apps. Our roundtable consists of Tom Cock from Talking Real Money, Paula Pant from Afford Anything, and Doc G from Earn & Invest. They share their thoughts on buy now, pay later, and offer advice to skip these all together. Diania Merriam is filling in for Doug and she's sharing her spectacular trivia today. Enjoy! Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Brings smiles to all when shopping online with Dell Technology's gift guide.
0:04.1	Whether it's for the artist, the entrepreneur, the student, the streamer, or the gamer,
0:07.6	you'll find the perfect gift for everyone on your list.
0:10.4	Dell.com slash gift guide makes gifting easy with a carefully curated selection of our best tech.
0:17.1	Shop now to explore innovative laptops and desktops, and this season's top accessories plus,
0:22.8	get select savings on impressive PCs like the XPS 13 laptop powered by the latest Intel core
0:28.9	processors. Visit Dell.com slash gift guide today for details and to get a jump on your holiday
0:34.5	gift list, that's Dell.com slash gift guide.
0:46.4	Live from the Spireside app, it's the Stacking Benjamin Show.
0:51.8	I'm Joe's mom's cousin Diana, and I want to know, what was the last thing you bought on a payment plan?
1:09.0	I bought this $20 lipstick from Sephora, and it was only 16 interest-free payments,
1:15.9	but I swear, now they're after me. Here to help us understand the dangers of by now
1:21.6	pay later services, we welcome from the Talking Real Money Podcast Tom Cock.
1:28.2	We also welcome a woman who's always talking real about early retirement,
1:32.9	polypan, and rounding out our roundtable, a man who would never buy anything on a payment plan
1:39.8	unless the salesman could beat him in a wrestling match, Doc G.
1:44.7	And now, a guy who buys stocks now because the market pays later, Joe Solciai.
1:57.9	With all the market tribulations we've had lately, that's what you keep reminding yourself,
2:02.0	right? I'm going to buy low now, Diana. I'm going to buy low now. That's how it's done.
2:07.2	I can't do it. That's how millions are made. Hey, everybody, welcome to Friday on the
2:11.0	Stacking Benjamin Show. Let me be the first one to welcome you, and what a great topic we have
2:15.7	for today. This idea of, buy now, pay later. What could possibly go wrong, Diana, when you've got
	...

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