Since the beginning of the pandemic, deferred payment – or Buy now, pay later (BNPL) – has grown rapidly, especially among young people. While the principle already existed for major purchases such as a fridge or car, it now allows you to buy everyday consumer goods, such as clothing or designer bags with a few clicks. And, not only is this being advertised by online shopping platforms, the trend is also noticeable on social networks. The buy button has never been so close at hand!
Read our article: The truth about “buy now, pay later” deals
The danger: over consumption, not being able to pay
The downside is that easy access to credit combined with a simplified purchasing process leads to consumerism and compulsive buying. If you have a stable financial situation and are able to repay, this is not a problem. But if you can’t afford it, the risk of not being able to pay and going into debt is real. So, shop carefully, be aware of all the facts.
Young people: most likely at risk
Deferred payment is particularly targeted at younger consumers who like to shop online and like quick transactions. If you have teenagers or young adults, share this message with them! Many already have trouble paying off the minimum balance on their credit card. They are also consumers who succumb more easily to the FOMO (fear of missing out) syndrome. Tempting ads on the Internet, positive opinions from influencers on social networks, prices that seem small split into three or four payments: everything is set up to make them give in to temptation. Talk to them about it, they will become more aware of the dangers.
But regardless of your profile and age, deferred payment shopping is not to be taken lightly. Prevention is better than cure!
