Buy Now, Pay a Bunch Later
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During the Covid crisis, online shopping has increased dramatically. Along with it, there’s been a surge in buy now, pay later deals. If you’ve been online shopping, you’ve likely seen them, but is buy now, pay later really a good deal? Today, host Rob West and Steve Moore reveal the perils involved with this deal.
With buy now, pay later deals, there’s usually a statement saying something along the lines of, By the way, while you’re not making payments until whenever, we’re adding as much interest as the law allows to your balance, but you won’t’ see that until your first bill comes in.
This means you owe not only the balance but all delayed interest charges as well.
Ask yourself, do you have the money to pay off the complete balance in your savings or checking account?
Instead of buying things new, go to Goodwill or some other thrift store and buy something decent for much less money.
Start saving for the nicer things you really want, discipline yourself to put money away every month.
Search your heart for why you feel discontent. Ask God for discernment and peace. Truly trust that God will provide for your needs. Mark 11 says, Therefore I tell you, whatever you ask in prayer, believe that you have received it, and it will be yours.
Here are a couple of questions we answered from our callers on today’s program:
I’m 62 years old, will retire at 67. I have two retirement accounts that total $50,000. My son is the beneficiary. Do I need a separate life insurance policy for him?
I have a life insurance policy that’s whole life. If I cancel it out, I’ll receive enough money to pay off my last credit card and be fully debt free. Should I do it?
Ask your questions at (800) 525-7000 or email them toQuestions@MoneyWise.org. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app.
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