Are Buy Now Pay Later (BNPL) plans the best option?

If you are one of the many consumers utilizing BNPL options or considering them for future purchases, I encourage you to make sure you understand how the programs work and how fees can be incurred. Buy Now Pay Later options are being used for everything from gifts to clothing, even groceries, in hopes of avoiding interest and late fees or just getting by during hard times. 

The Consumer Financial Protection Bureau can help you understand how BNPL works and what to watch out for. 

As a financial coach, I always recommend starting with a budget and planning for future expenses. BNPL may seem like a simple way to avoid using credit. But BNPL is still a loan, and with bi-weekly payment options, it’s easy to over purchase and find yourself in a financial bind. 

Let’s connect if you are interested in creating a budget and planning for future expenses. A budget can help you spend less and save more and experience that feeling of being in control!

A budget can also help with money stress.  If you don’t have a budget, I can help!
CLICK HERE to schedule your Personal Financial Coaching session.

Lisa Atkinson
TFCU | Personal Financial Coach
latkinson@tucsonfcu.com

As a Personal Financial Coach, I do not provide legal or tax advice. Tucson Federal Credit Union does not guarantee that this service will achieve any particular objective or outcome. For any legal advice, please seek the advice of an attorney or tax professional.