This week's episode, FinCap Friday: Buy Now, Pay LATE, explains what Buy Now, Pay Later services are and what happens when a payment is not made on time. People seem to love the flexibility of making smaller payments over time, especially during the holiday, but are they actually saving money? The latest statistics show it might not be as simple as these popular pay-in-four platforms want you to believe it is.

Tune in below to hear Tim and Yanely's conversation about the topic:

Resources: 

Question of the Day: What percent of 18-24 year olds have used a Buy Now Pay Later (BNPL) service in 2021?

What's New with Credit?

What Is Buy Now, Pay Later?

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Did you know: NGPF has a semester course which includes an entire unit on consumer skills? Check it out here!

About the Authors

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

Yanely Espinal

Born and raised by Dominican, immigrant parents in Brooklyn, Yanely is a proud product of NYC public schools. She graduated from Fiorello H. LaGuardia High School in 2007 before going on to receive her bachelor's degree at Brown University in 2011. As a Teach For America corps member, Yanely taught third and fourth grade in Canarsie, Brooklyn. She received her master's degree from Relay Graduate School of Education in 2013. She spends her spare time making YouTube videos about personal finance on her channel, MissBeHelpful. Yanely also loves to dance, sew, paint, listen to podcasts, and babysit her 10 nieces and nephews!