With the economic downturn that had to be expected due to the Covid-19 pandemic, many shoppers who worry about their financial situation are trying their best to stretch their budgets as far as possible. Those who are employed for the most part are either keeping their spending to a minimum or trying to rely on savings if they have any.
However, not all store shoppers are reacting to the pandemic in the same way. While some want to save every penny they can, others are using “buy now, pay later” schemes to purchase more expensive items sooner or to buy items that their budgets don’t let them normally afford.
The “buy now, pay later” approach appears to be favored by some who feel that their jobs and income are secure, and they’ll be able to afford paying back the debt incurred on the items within the allotted time. Instead of worrying about not being able to afford necessary things they need due to the economic downturn, they’re able to purchase the items without having to pay for them in full at that moment.
It’s understandable why some shoppers would want to make sure that their budget can cover their expenses now and also later. This is why more stores are offering “buy now, pay later” services, to give customers the chance to purchase items they would otherwise be unable to afford.
This method has already become incredibly popular among online shoppers. According to young-adult focused website Godzillanewz, an estimated 67% of online shoppers who are 19-23 years old have already used “buy now, pay later” services, which is compared to 53% of shoppers between the ages of 24-34.
Even though it’s a great way to get what you need or want right away without having to worry about the debt, it’s not a great idea for everyone. Without strict discipline, “buy now, pay later” schemes make it all too easy to rack up hidden debts that might be hard to get out from.
Therefore, shoppers should be careful when deciding whether to use this type of service or not. If you can’t afford to pay back the item or items you buy in the allotted time period, it’s best to stay away from the “buy now, pay later” service and look for other ways to buy what you need or want.