What are the pros and cons of Buy Now, Pay Later?

Last week we talked about the basics of Buy Now, Pay Later; how it works and how it’s different than using a credit card. This week we’re diving a little deeper on BNPL to talk about some of its specific pros and cons.

The biggest pro is that it usually doesn’t cost you anything. In most cases it really is a free way of splitting up the cost of something into 4 installments.

The biggest con (and the biggest pro for the sellers that offer BNPL at checkout) is that it can encourage you to buy things you don’t need and can’t afford. Just like any type of debt, it can have you spending money you don’t have.

For the rest of the pros and cons, just keep reading here.