Posted Feb 12, 2024, 10:21 PM
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Registered User
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Join Date: Feb 2009
Location: Vancouver
Posts: 27,719
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Quote:
Originally Posted by WarrenC12
Isn't that called a credit card?
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... Buy Now, Pay Later and the variations of online and point of sale installment loans have been most popular with young, lower-income and less-educated adults. Many proclaim their love for the forced budgeting aspect of installment loans. Some use it because they are not able to get credit otherwise, while some turn to it out of desperation.
In the best of cases, payment innovation in BNPL can help someone kickstart their journey to responsible credit management. In the worst of cases, the most vulnerable consumers get into more financial trouble as they can get carried away with multiple BNPL loans at the same time, missed payments can rack up very high fees, and in some cases be reported to credit bureaus further affecting their ability to tap into traditional credit....(bold mine)
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