Buy Now, Pay Later: Convenience or Debt Trap?

Affinity Federal Credit Union presents the Wellbeing and Your Wallet podcast! In this episode, hosts Grant Gallagher and Shawn Lubitz discuss the ins and outs of BNPL payments.

Key discussion topics include the hidden downsides of BNPL, including the mental burden of carrying many small debts. The hosts discuss financial resources and tools that are less risky than BNPL, plus tips for how to establish strong financial footing in daily life through the core skills of budgeting and saving.

Following the main discussion, the team discusses a question from the member mailbag. Grant pulls the following submission: I have been invited to four weddings this year, and between gifts, travel, and outfits, it is adding up fast. I want to celebrate my friends and family, but it feels like I am going broke doing it. How can I set boundaries and budget for big life events without feeling guilty or missing out?

Finally, Grant concludes the discussion by highlighting Affinity’s high-yield checking accounts. Grow your savings, get monthly ATM refunds, and earn a 5.50% APY to make your money work for you.

Just a reminder if you have a question or comment for a future Member Mailbag segment, please email them to us @[email protected].

Rate, like, and subscribe for more from the Wellbeing and Your Wallet podcast. Visit www.affinityfcu.com for additional information about financial wellbeing and Affinity products.

Thanks for listening and be well.