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this post was submitted on 10 Mar 2024
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A lot of the knee-jerk reactions reek of avocado toast and bootstraps against The Youths™ and the article starts off a bit as living beyond your means, I shook my cane and felt it too reading the headline at first.
But honestly, think about how these financing options are smoothing out paychecks for young people and low income folks, giving them more of a buffer in actual cash to deal with day to day stuff that might not be covered by these services. And anything that can put the screws to credit card late fees and interest and the fucking scumball payday loan industry is absolute tits IMO.
I remember being poor and hungry early in life.. absolutely would have taken advantage of predictable lower payments on as much as possible just to have more cash around because I knew just how likely it was to try cranking my junker of a car one morning and realize I'm walking to work for the next few paychecks.
It doesn't give you "more cash". You are borrowing money and interest is definitely baked into it. Credit cards already let you borrow money for a month for free. Plus they have cash back / points and great fraud protection. Plus they help you build your credit score.
You can get a basic credit card for $0 per year with a low limit, even if you have no credit. Don't ever use "pay later" shit. Why do you think they invented it? It's better for them, not you.
I mean the one time I used one of these "pay in four payments" kind of things there was no interest added on. It just let me split up the cost easier rather than having to do it all at once and subsist on very little till I get money next.
I bought a fridge with a 3 month scheme when I was broke enough that a new fridge would've been the end of that month's money. Zero interest.
Don't think I'll ever finance a pizza over 4 payments like some other comment said though. Unless it's my last pizza before I decide to stop existing or something.
I think it overall is a bad habit to get into, just like credit cards for some people, but could be a good thing if your very smart about the way you use it. npr did an interesting piece on the origins and motivations of buy now pay later a couple years ago here if anyone wants to learn about it: https://www.npr.org/2022/05/10/1097885472/buy-now-pay-dearly
How old are Gen Z kids? 12-26 years old? Man, I was broke as shit from 12-26 too. Didn't even have avocado toast money.
Poor man buys boots biyearly, rich man buys boots once. Guess who pays more?