Pattie Lovett-Reid: Buy now, pay later? Don't do it!
CTV
Buy-now-pay-later plans, payday loans and even credit cards are designed for companies to make money at your expense, CTV's chief financial commentator Pattie Lovett-Reid writes in her latest column on CTVNews.ca.
The latest MNP Consumer Debt Index report has found that borrowing intentions are on the rise, as many Canadians simply seek to make ends meet, and that borrowing has taken on a riskier tone as consumers look to finance their purchasing habits over the next few months.
Nearly six in 10 respondents (58 per cent) say they are somewhat likely to borrow more money before the end of the year. This number includes the 37 per cent who are inclined to rack up more debt on credit cards that already carry a balance.
What is alarming to me is the concept of buy now and pay later. This type of activity spiked during the pandemic with an uptick in online shopping coupled with financial instability.
However, this move could prove to be very costly.
