The Truth About Buy Now Pay Later
The Stacking Benjamins Show
Joe Saul-Sehy and Josh ‘OG’ Bannerman, CFP
4.4 • 2K Ratings
🗓️ 18 February 2022
⏱️ 55 minutes
🧾️ 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.
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Transcript
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| 0:00.0 | Live from the Spireside app, it's the Stacking Benjamin Show. |
| 0:20.7 | I'm Joe's mom's cousin Diana, and I want to know what was the last thing you bought on a payment plan. |
| 0:28.0 | I bought this $20 lipstick from Sephora, and it was only 16 interest-free payments. |
| 0:35.1 | But I swear, now they're after me. |
| 0:37.4 | Here to help us understand the dangers |
| 0:39.7 | of buy now pay later services, we welcome from the Talking Real Money podcast Tom Cock. We also welcome |
| 0:48.6 | a woman who's always talking real about early retirement, Paula Pan. And rounding out our roundtable, a man who would never buy anything on a payment plan |
| 0:59.0 | unless the salesman could beat him in a wrestling match, Doc G. |
| 1:03.6 | And now, a guy who buys stocks now because the market pays later, Joe Salciai. |
| 1:10.4 | Hi. because the market pays later. Joe Salciai. |
| 1:21.5 | With all the market turbulence we've had lately, that's what you keep reminding yourself, right? |
| 1:26.7 | I'm going to buy low now, Diana. I'm going to buy low now. That's how it's how you get to do it. |
| 1:28.6 | That's how many's how many are made. |
| 1:31.1 | Hey, everybody, welcome to Friday on the Stacky Benjamin show. |
| 1:33.0 | Let me be the first one to welcome you. |
| 1:35.7 | And what a great topic we have for today. |
| 1:38.2 | This idea of buy now, pay later. |
| 1:44.5 | What could possibly go wrong, Diana, when you've got 16 easy payments, just 16. |
| 1:48.2 | It was a deal that I couldn't pass up, obviously. |
| 1:53.6 | Let's introduce you to the team that's going to be taking part in this discussion today. We'll start off from the, let's go ladies first, from the woman behind the Afford Anything |
| 1:59.0 | podcast, Paul Pant is here. |
| 2:00.7 | I so am, and I am also glass nine-tenths full and ready. Fantastic. And what's funny is |
... |
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