CSNbbs

Quote:Apps that allow users to buy now and pay later have surged in popularity in recent years, with more and more retailers supporting the option.

While the service remains most popular for big purchases, with the price of goods continuing to go up, many Americans are now opting to use it to purchase essentials.

According to the Daily Mail, one of the major players in the buy now, pay later (BNPL) game, Zip, reported a 95 percent rise in the purchase of groceries using their service in the US, with restaurant bills up 64 percent.

Among the retailers that support Zip are Costco, Doordash, Safeway, and Starbucks.
Users can pay for groceries or a pumpkin spice late with just 25 percent down, and the remaining 75 percent split into four payments over the following six weeks.

With most buy now, pay later (BNPL) services, consumers are given the opportunity to split the cost of a purchase over a number of weeks or months, often with no interest.

As with credit cards, it is easy to swipe, only to realize when it comes time to pay that you don't have enough money in your account.

According to Credit Karma, one third of BNPL users reported that they had fallen behind on at least one payment, with 72 percent of them adding that it had had an impact on their credit score. Many service providers charge late fees, meaning a simple purchase can quickly become expensive if payments are not made in time.

Additionally, a report from Fitch Ratings showed users of BNPL services are more likely to have higher debt than the average American.

It is unlikely that BNPL services will replace credit cards, however with more Americans struggling to afford basic goods, the ability to buy now and pay later is enticing, and will likely not be going away any time soon.

Link

Right...payday lenders are brand new!

(09-01-2022 01:13 PM)CrimsonPhantom Wrote: [ -> ]

Quote:Apps that allow users to buy now and pay later have surged in popularity in recent years, with more and more retailers supporting the option.

While the service remains most popular for big purchases, with the price of goods continuing to go up, many Americans are now opting to use it to purchase essentials.

According to the Daily Mail, one of the major players in the buy now, pay later (BNPL) game, Zip, reported a 95 percent rise in the purchase of groceries using their service in the US, with restaurant bills up 64 percent.

Among the retailers that support Zip are Costco, Doordash, Safeway, and Starbucks.
Users can pay for groceries or a pumpkin spice late with just 25 percent down, and the remaining 75 percent split into four payments over the following six weeks.

With most buy now, pay later (BNPL) services, consumers are given the opportunity to split the cost of a purchase over a number of weeks or months, often with no interest.

As with credit cards, it is easy to swipe, only to realize when it comes time to pay that you don't have enough money in your account.

According to Credit Karma, one third of BNPL users reported that they had fallen behind on at least one payment, with 72 percent of them adding that it had had an impact on their credit score. Many service providers charge late fees, meaning a simple purchase can quickly become expensive if payments are not made in time.

Additionally, a report from Fitch Ratings showed users of BNPL services are more likely to have higher debt than the average American.

It is unlikely that BNPL services will replace credit cards, however with more Americans struggling to afford basic goods, the ability to buy now and pay later is enticing, and will likely not be going away any time soon.

Link

(09-01-2022 12:27 PM)shere khan Wrote: [ -> ]dont click its a blind link

(09-01-2022 01:18 PM)Redwingtom Wrote: [ -> ]Right...payday lenders are brand new!

They just weren't being used as frequently as they are now.

Thanks, Joe.

I hear there's new thing called a credit card out now too.

(09-01-2022 01:21 PM)ECUGrad07 Wrote: [ -> ]

(09-01-2022 01:18 PM)Redwingtom Wrote: [ -> ]Right...payday lenders are brand new!

They just weren't being used as frequently as they are now.

Thanks, Joe.

Yeah...okay.

(09-01-2022 01:18 PM)Redwingtom Wrote: [ -> ]Right...payday lenders are brand new!

But, for groceries?

Society unraveling...Hoodwinked says "No Problem"!

Trump sends a tweet...Hoodwinked says "This is an existential threat to Democracy and must be stopped"!

Good Ol' Hoodwinked sure is predictable.

(09-01-2022 01:21 PM)Redwingtom Wrote: [ -> ]I hear there's new thing called a credit card out now too.

Im guessing the typical customer for this app has less hoops to jump through to gain credit---or it may be that this was the last option for many after they maxed out their cards. Who knows? Whats clear is consumer debt is rising at a record rate and it appears the reason is not conspicuous consumption----but rather simply to allow consumers to make ends meet.

To me, the interesting twist on the "Zip" app is the requirement that the buyer make a down payment (or a co-payment). That seems like a concept that borrows from the mortgage or car loan industries---or perhaps from the insurance industry. Im wondering what the purpose for that is as there is no recourse like repossession for the lender---so I can only assume the purpose of a "down payment" or "co-payment" is to establish that the customer actually as at least some access to cash.

(09-01-2022 01:21 PM)Redwingtom Wrote: [ -> ]I hear there's new thing called a credit card out now too.

Payday lenders and credit cards are not new.

8.5% inflation is.

(09-01-2022 01:29 PM)Native Georgian Wrote: [ -> ]

(09-01-2022 01:18 PM)Redwingtom Wrote: [ -> ]Right...payday lenders are brand new!

But, for groceries?

Yeah...of course.

Quote:Payday loans are advertised as emergency short-term relief, but most people borrow to cover routine living expenses like car payments, mortgage payments, credit card payments, utilities, food, and rent.

https://www.pewtrusts.org/en/research-an...nd%20rent.

(09-01-2022 01:29 PM)Native Georgian Wrote: [ -> ]

(09-01-2022 01:18 PM)Redwingtom Wrote: [ -> ]Right...payday lenders are brand new!

But, for groceries?

Another by product of the technical age. Before if you were struggling you'd have to go down the the payday loan place, get money, and go to the grocery.

Now dumbshits are paying stupid delivery fees in apps and clicking the can I split this payment up button.

Same financial stupidity, just apps give lenders a bigger market to go after.

(09-01-2022 02:05 PM)bobdizole Wrote: [ -> ]

(09-01-2022 01:29 PM)Native Georgian Wrote: [ -> ]

(09-01-2022 01:18 PM)Redwingtom Wrote: [ -> ]Right...payday lenders are brand new!

But, for groceries?

Another by product of the technical age. Before if you were struggling you'd have to go down the the payday loan place, get money, and go to the grocery.

Now dumbshits are paying stupid delivery fees in apps and clicking the can I split this payment up button.

Same financial stupidity, just apps give lenders a bigger market to go after.

So, many more people going into crushing debt. Got it.

Nothing to see here. Move along. I just heard Trump said something bad about somebody.

(09-01-2022 02:08 PM)oruvoice Wrote: [ -> ]

(09-01-2022 02:05 PM)bobdizole Wrote: [ -> ]

(09-01-2022 01:29 PM)Native Georgian Wrote: [ -> ]

(09-01-2022 01:18 PM)Redwingtom Wrote: [ -> ]Right...payday lenders are brand new!

But, for groceries?

Another by product of the technical age. Before if you were struggling you'd have to go down the the payday loan place, get money, and go to the grocery.

Now dumbshits are paying stupid delivery fees in apps and clicking the can I split this payment up button.

Same financial stupidity, just apps give lenders a bigger market to go after.

So, many more people going into crushing debt. Got it.

Nothing to see here. Move along. I just heard Trump said something bad about somebody.

Sorry. I did not mean to negate that yes this are extraordinarily bad economic times, but technology has allowed a lot more people to make very bad financial decisions.

Don't worry Biden will just cancel all "Grocery Debt" with a stroke of a pen. Democratic Socialism and all.

Thanks *Xiden
Let's go Brandon!

(09-01-2022 01:18 PM)Redwingtom Wrote: [ -> ]Right...payday lenders are brand new!

So..You think both are good? Honestly...I just think this stuff takes advantage of people that have no clue how to live within their means. It incentivizes them to spend money on dumb schit they don't need or can't afford. I hate these lenders on moral grounds.

(09-01-2022 02:12 PM)bobdizole Wrote: [ -> ]

(09-01-2022 02:08 PM)oruvoice Wrote: [ -> ]

(09-01-2022 02:05 PM)bobdizole Wrote: [ -> ]

(09-01-2022 01:29 PM)Native Georgian Wrote: [ -> ]

(09-01-2022 01:18 PM)Redwingtom Wrote: [ -> ]Right...payday lenders are brand new!

But, for groceries?

Another by product of the technical age. Before if you were struggling you'd have to go down the the payday loan place, get money, and go to the grocery.

Now dumbshits are paying stupid delivery fees in apps and clicking the can I split this payment up button.

Same financial stupidity, just apps give lenders a bigger market to go after.

So, many more people going into crushing debt. Got it.

Nothing to see here. Move along. I just heard Trump said something bad about somebody.

Sorry. I did not mean to negate that yes this are extraordinarily bad economic times, but technology has allowed a lot more people to make very bad financial decisions.

I agree with this take on it. Its directed at those people that have already maxed out their cards and not really need payday loans . Those people now have this tool as a choice and choosing to save what little cash they have in their pockets without a credit card.

No matter how we look at it its still a bad decision because once you get to that spot 99% of people have the money to pay for whats in their basket. Now more are choosing to most likely pay 26 to 29% interest on most of that cost.

Payday loans, most of the time the person doesnt have enough to cover what they need or want to buy or pay for. But like you said this is just another tool for idiots (my word not yours) that can't balance their check vs wants.

(09-01-2022 02:01 PM)Redwingtom Wrote: [ -> ]

(09-01-2022 01:29 PM)Native Georgian Wrote: [ -> ]

(09-01-2022 01:18 PM)Redwingtom Wrote: [ -> ]Right...payday lenders are brand new!

But, for groceries?

Yeah...of course.

Quote:Payday loans are advertised as emergency short-term relief, but most people borrow to cover routine living expenses like car payments, mortgage payments, credit card payments, utilities, food, and rent.

https://www.pewtrusts.org/en/research-an...nd%20rent.

It's NEVER a good sign if people are using payday loans to buy groceries.

Hey, we just want to be treated as good as any illegal alien.