USA HISTORY

Detailed explanation-1: -Believe it or not, installment purchases are still your best friend, especially when it comes to paying for high-value items and other major expenses. It all comes down to the installment plan. Splitting your total one-time expenses into fixed monthly payments will help you stay on top of your financial game.

Detailed explanation-2: -If you’re struggling to pay your bills or start an emergency fund, steer clear of buy now, pay later. Because of its convenience, it’s easy to overspend with BNPL. If that happens, you may incur high fees or be sent to collections, which will hurt your credit score.

Detailed explanation-3: -BNPL is a short-term financing option that allows a customer to pay off the cost of a good or service in multiple installments at later dates – many of which are interest-free.

Detailed explanation-4: -Nearly 60% of consumers say they prefer buy now, pay later over credit cards. This preference is especially pronounced among younger consumers. BNPL payments can be easier to manage than credit card repayments, there is a simple approval process, and BNPL options can charge no interest if the debt is paid back on time.