Buy Now, Pay Later and How It Can Sink Your Retirement Budget

In 2024, consumers spent $82.4 billion on buy now, pay later (BNPL) programs. BNPL is a financing option that allows you to purchase goods or services immediately and pay for them over time. BNPL plans typically involve no interest or fees if the customer pays on time, making the service an attractive way to buy what you want today, particularly for those who depend on Social Security or other fixed income.Given these uncertain times, it's easy to understand why so many Americans have turned to BNPL. However, if you've become dependent on BNPL to purchase the things you need, it could hurt your finances.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool