0:02
This is the season of buying, but you're
0:05
cash poor. Your credit cards have maxed
0:08
out and you've still got gifts to get.
0:10
So, you think, "Hey, how about buy now,
0:14
That is meant to really entice people to
0:18
stretch their limits of what they will
0:20
pay because it's broken up into micro
0:22
payments and doesn't feel like it's not
0:24
affordable. And that makes it really
0:26
easy for a lot of small payments on a
0:29
bunch of buy now pay later items to add
0:31
up. And the interest on them, it's no
0:34
bargain either. Especially when you
0:35
compare it to what you'd pay on a credit
0:39
The same interest. And in fact, it could
0:41
be even higher than a regular credit
0:43
card experience if you get behind on it,
0:45
hurts your credit scores, whatnot.
0:47
That's because buy now pay later is in
0:50
fact a loan. And if you default on that
0:54
loan by missing payments, it can lead to
0:57
immediate consequences. Consequences
0:59
like being charged late fees or having
1:02
the entire balance come due. All of that
1:05
will negatively impact your credit
1:07
score. The National Retail Federation
1:10
expects holiday sales in the 2025
1:13
selling season to surpass $1 trillion
1:16
for the first time ever. What that means
1:19
is we're all going to be buying a lot of
1:21
stuff when it comes to holiday buying.
1:24
You know, do do we do we want to create
1:26
a list and limit the amount of gifts
1:28
that we get for our kids and our friends
1:30
and so forth or what?
1:31
Create a budget. You know what what is
1:33
don't um get tempted into these examples
1:35
of the buy now pay later, but establish
1:37
a budget. You know what that looks like
1:39
per person potentially and and try to
1:42
save up to it. You want to have a budget
1:43
and then you want to be disciplined on
1:45
how you're doing it and just stay with
1:47
that plan as much as possible.
1:49
And while you're chasing those holiday
1:51
sales, look closely at what is being
1:55
you know? So, you go to the clearance
1:57
rack and you think you're getting an
1:58
unbelievable deal, but all that is is is
2:00
just a marketing gimmick to to say like
2:02
people think they're getting a good
2:04
deal, but they're not.
2:05
As you go about your holiday shopping,
2:07
keep track of your spending. Do that by
2:09
physically writing it down on a piece of
2:12
paper in front of you. Do not rely on
2:14
mental notes. That way, you'll be able
2:16
to see exactly how much you're spending.
2:19
It'll help keep you on budget and also
2:21
help you avoid impulse spending. Working
2:24
for you. I'm the consumer guy, Steve
