Be careful of loading up on ‘buy now, pay later’ purchases this Xmas
09 December 2020
‘Tis the season to be jolly, but it’s important not to get carried away when using ‘buy now, pay later’ providers to fund that festive spirit. That’s because one-in-five users struggle to make their repayments, new research has found. “Christmas is a time for giving” - it’s a line that’s been drummed into us since we popped our first piece of chocolate out of an advent calendar. But it’s important not to go overboard and spend more than you can afford to pay back if you use ‘buy now, pay later‘ services such as Afterpay and Zip Pay. That’s because a new report from ASIC shows one-in-five users were late paying their other bills, including home loan repayments, as a result of using the services. Below we’ll discuss why it’s important to budget properly if you plan on using a ‘buy now, pay later’ service this festive season.