Have you heard about the snow alternative to credit cards that's allowing them to get paid anywhere between 17 to 70 percent annually and avoid going through the truth in lending act that came out to protect consumers from being destroyed by credit card? Have you heard about this new thing?

It's called Buy Now Pay Later. Guess who's using it? A firm, Carnow, Apple, PayPal, and

they're making so much money and so attractive to the consumer because the consumer says,

babe, this thing here is a thousand bucks. I can't pay thousand right now, but guess what?

This buy not pay later allows me to pay only 25% right now, which is $250, and I get to pay the other

in three payments, 250, 250, 250, over the next six weeks.

And I own it in many cases, this is 0%.

How cool is this?

Then how do they make their money?

Well, these companies like Clarna on the back end

get paid 2 to 8% from the person that's

selling the product. So for example, Apple would send Clarnaw, if this is a thousand dollar

product, they will give you $20 to $80. So that's how they're making the money.

Couple of different ways.

But God forbid if you make a miss a payment,

it goes to 30%.

And by the way, more than 4 and 10 Americans

who have taken out one of these buying up pay later loans

have made a payment late on one of those loans according to a new

survey from lending tree which is why 23% of BMP customers have regretted

financing a purchase this way so why are people using it? I don't know baby. It's a hot

phenomenon they're making a lot of money let alone on top of this credit card

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