What happens when you overspend on buy-now, pay-later platforms.
What happens if you can’t make your payments? Here, three people talk about how they’ve managed their BNPL habits and what they’ve learned along the way.
I still don’t have a real bed, but I needed to buy a new mattress so I had somewhere to sleep. I saw that I could pay for it in monthly installments over a year. I was so relieved because I wouldn’t have been able to afford it otherwise. The bedbug thing was so awful that I just sprang for it without thinking that much. I think the mattress cost a little over a thousand dollars, including delivery.
I did start making payments again this month because work has been picking back up. I put in $200. I still owe more than $1,000 because of the interest, which is frustrating. But I missed about five months and they didn’t charge me any late fees. I’m going to try to pay it off as quickly as I can. Would I use one of these platforms again? Probably, but I don’t think they’d let me. I’m not sure how much this has hurt my credit, but it might take a while to recover.
After that, I didn’t use it to pay for anything until I graduated from college. I got a job and moved into an apartment with a roommate, and I used Afterpay to buy all my furniture. Honestly, it was great. I love all my furniture, and I wouldn’t have been able to afford it otherwise. I bought a table and a couch from West Elm, a bed from Wayfair, and some other stuff.
The good thing about these platforms is that they help you buy things that feel really out of reach. But that’s also unsettling — it’s almost too easy. The first big expense was an indoor rowing machine, which I paid off over six months with Affirm. When I signed up, they asked for my debit-card number and a bank-account routing number. I gave them both, but I wanted to pay out of my bank account, not the account that’s attached to my debit card. Then they charged my debit card instead. After a few months, I realized that I owed several hundred dollars’ worth of overdraft charges. It was bad.
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