Buy now and pay later, sounds like a great concept, but is it? Who is it really benefiting? In most cases they offer an interest free installment payment plan. Where you can pay as little at 10% of the purchase price each month for each item you “buy”. If you are not careful, these payments can really start to add up and you may not be able to make the minimum payment. Unlike credit cards, many of these programs will take a lower credit score or even no credit score to offer you their bargains.
Read more here to learn the ins and outs of these programs.