If the outcome is the same whether you save up or not - you'll never be able to afford anything - why now "own" things while you can?
this post was submitted on 29 Nov 2024
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It's almost like the "services" are designed just for this...
Well when the world is about to end in multiple ways at once, why with about debt?
You can actually survive without streaming services and online subscriptions.
Is this today's avocado toast?
Man imagine the privilege of worrying about not having streaming services as an essential need.
It's today's variant of "beans and rice cost, x. So why are you complaining about food cost?"
This is really interesting. Layaway purchases in stores used to be popular but went away in the late 90’s. It’s back now as BNPL, with much worse terms.
https://www.retailmenot.com/blog/walmart-layaway.html
Walmart actually just stopped layaway entirely in 2021 for BNPL.
Layaway purchases in stores used to be popular but went away in the late 90’s. It’s back now as BNPL, with much worse terms.
Lawaway is superior. Laywaway had zero interest charges. Some places charged a flat fee, but you also didn't get your item until the full balance was paid. There's no chance of a lawaway purchase spiraling into a huge expense. The expense is fixed at the time of layaway and never gets higher. Lawaway also builds the ability to delay gratification, which is an important life skill that is sometimes not common.
BNPL has none of that consumer protection.
Correct me if I’m wrong, but wasn’t the key difference in layaway that you didn’t have access to the item until it was paid off? I remember my mom putting holiday gifts on layaway at Walmart. They’d be kept in storage in the back of the store, and would be given over only after they were fully paid off.
Buy now/pay later plans allow the consumer access to the item now, with a payment plan to follow. It’s much more akin to credit than layaway.
Yes. You had the honor of reserving the item from sale by paying more. BNPL is like the boss in its final form. You can have but don’t own it. Maybe it’s more akin to old furniture places with leases.
In the UK the Littlewoods catalogue is the one I remember. You'd end up paying well over the RRP with a year or two of monthly payments.
Or those tv rental shops.
I hate BNPY so much... I deleted my after pay account, which means I can no long use their services unless I get in contact with support to reopen my account. I did it to explicitly make it near impossible for me to be tempted. It worked. There were times I felt regret, but it was 100% the smartest move.
Then, PayPal introduced pay in 4... All my hard work went right down the drain. I can't afford this shit but fuck it's hard when you're clinically depressed.
Services should be required to allow you to opt out of being offered such things. I choose to live a debt minimal lifestyle because of how I was raised, and I don’t want to be tempted. The same goes for online gambling. (And alcohol advertisements, but I do drink).
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