{"id":41391,"date":"2025-04-03T19:18:38","date_gmt":"2025-04-03T19:18:38","guid":{"rendered":"https:\/\/isafespend.com\/?p=41391"},"modified":"2025-04-03T19:18:39","modified_gmt":"2025-04-03T19:18:39","slug":"your-sandwich-could-hurt-your-credit-score-hidden-dangers-of-buy-now-pay-later-apps-coming-to-light","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=41391","title":{"rendered":"Your sandwich could hurt your credit score? Hidden dangers of ‘buy now, pay later’ apps coming to light"},"content":{"rendered":"
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Small, everyday purchases like a meal from DoorDash are now able to be financed through eat now, pay later options \u2014 a practice that some experts deem “predatory.”<\/p>\n

“You’ve got to have enough sense to not follow the urge to finance a taco, okay? You have got to be an adult,” career coach Ken Coleman told “The Big Money Show,” Wednesday.\u00a0<\/p>\n

“This is predatory, and it’s going to get a lot of people in deep trouble.”<\/p>\n

RISKS OF BUY NOW, PAY LATER: ‘TICKET TO OVERSPENDING,’ EXPERT SAYS<\/strong><\/p>\n

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Financial wellness experts are continuously sounding the alarm to cash-strapped consumers, warning them of the devastating impact this financial strategy could have on their credit score as some lenders will begin reporting those loans to credit agencies.<\/p>\n

Consumers may risk getting hit with late fees and interest rates, similar to credit cards.\u00a0<\/p>\n

“So your sandwich might show up on your FICO score, especially if you pay for it late,” FOX Business’ Jackie DeAngelis explained.<\/p>\n

EXPERTS WARN HIDDEN RISKS OF BUY NOW, PAY LATER<\/u><\/strong><\/p>\n

Major players like Affirm, Afterpay, and Klarna have risen to prominence at a time when Americans continue to grapple with persisting inflation, high interest rates and student loan payments, which resumed in October 2023 after a pause due to the COVID-19 pandemic.\u00a0<\/p>\n

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“The Big Money Show” co-host Taylor Riggs offered a different perspective, suggesting that company CEOs have a “duty” to attract as many customers as they want.\u00a0<\/p>\n

“Unfortunately for me, this always comes down to financial literacy \u2014 which I know is so much in your heart about training people to save now by later,” she told Coleman, who regularly offers financial advice to callers on “The Ramsey Show.”<\/p>\n

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Coleman continued to come to the defense of financially “desperate” consumers, arguing that companies are targeting “immature” customers.\u00a0<\/p>\n

“I’m for American businesses being able to do whatever they want to do under the law. That’s fine. But let’s still call it what it is: it’s predatory, and they know who their customers are,” Coleman concluded, “And I’m telling you, they’re talking about weak-minded, immature, desperate people.”<\/p>\n

FOX Business’ Daniella Genovese contributed to this report.<\/i><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Small, everyday purchases like a meal from DoorDash are now able to be financed through eat now, pay later options \u2014 a practice that some experts deem “predatory.” “You’ve got to have enough sense to not follow the urge to finance a taco, okay? You have got to be an adult,” career coach Ken Coleman<\/p>\n","protected":false},"author":1,"featured_media":41392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[32],"class_list":{"0":"post-41391","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-featured"},"yoast_head":"\nYour sandwich could hurt your credit score? 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