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(image: https://i.pinimg.com/originals/df/de/59/dfde599a06710fcf37ecc61290e85dca.jpg)5 Tactics to Pay Off Purchase Now and Pay Later Debt
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5 Strategies to Pay Off Debt the Debt Buy Today, Pay Later Debt
If you're planning to buy something now, when your pay later bills are due, think about these strategies when you are figuring out how to get from debt.
Written by Melissa Lambarena Lead Writer | Credit cards, the debt Melissa Lambarena is a lead writer on the credit cards team at NerdWallet. She has been a passionate writer covering the subject of credit cards for over six years. Her previous experiences include nine years as an editor for various websites and magazines. Through her work, she aims to help users extract benefits from credit cards in order to help them achieve financial goals such as increasing their budgets, establishing credit and traveling to their dream destinations and paying off debt. She explores these issues as well as others in the Millennial Money column featured in The Associated Press. Her writing has also been featured on The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa holds a bachelor's degree of sociology, earned from the University of California, Los Angeles.
Updated January 13th, 2023 at 7:46 AM PST.
Editor: Kenley Young, the Assigning Editor Credit cards, credit scores Kenley Young directs daily coverage of credit cards for NerdWallet. Prior to that, he worked as an editor of the homepage and digital content producer for Fox Sports, and before being a front-page editor at Yahoo. He has a wealth of experience in both digital and print media. This includes times as a copy desk chief, a wire editor and a metro editor for the McClatchy Newspaper chain.
Many or all of the items featured on this page are from our partners, who pay us. This influences which products we feature and the location and manner in which the product is featured on the page. However, this doesn't affect our opinions. Our opinions are our own. Here's a list of and .
A LOT LIKE THIS
You can bet the " " bill from the holiday season will arrive in the near future or already arrived.
If you're not financially ready to pay up, late fees or other charges can bury you deeper in debt. The situation can alter in a matter of weeks through economic setbacks such as unemployment, unexpected bills, a family emergency or other events.
If it's time to take on the pinch of those pay-in-four buy now, pay later plans -- and possibly other debts -- it's crucial to devise plans to pay down the balance.
Here are a few options to think about as you plan your strategy to pay off debt.
1. Update your budget
Reevaluate your habits and reduce unnecessary costs or switch services to cheaper alternatives. Cancel unused subscriptions such as, for instance switching to a streaming service that is less expensive.
If you're also struggling with debt from credit cards which could take between three and five years of repayment to clear, think about consulting an accredited nonprofit credit counseling agency to consolidate some balances into one low-interest installment. It is important to note that accounts that are enrolled in the plan are typically required to be closed, which could impact your financial situation in the short-term.
2. Change your payment due date
Some lenders like Klarna and Afterpay permit you to alter the payment due date and request an extension.
Klarna customers who take advantage of a pay-in-four loan can extend the due date for the payment for each purchase once by 14 days, per the company's website. Afterpay might offer more flexibility and allow changes to the date for payment as often as six times per year in the application, according to Amanda Pires, a company spokesperson.
Policies of lenders can differ and you should read the plan's conditions or speak to the lender regarding your options.
3. Talk to lenders about the need for assistance
If a financial setback or crisis prevents you from making your payments, the buy now, pay later lender could provide some relief.
Major purchase today, pay later businesses with hardship policies typically recommend that you contact customer service as soon as possible regarding difficulties.
"Affirm people who are facing financial difficulties can reach us via our help center so we can help them determine a repayment plan that best meets their personal requirements," Casey Becker, a company spokesperson, said via email.
The terms of the loan vary according to lender.
4. Think about a balance transfer credit card
If you're in good standing with your credit (a FICO score of 690 or higher) Some issuers may offer you the opportunity to pay buy now, to pay off debt later. It could allow you to extend your time should you be trying to meet the schedule's deadlines for payments however there are a few important things to consider.
Balance credit cards for transfer are designed to help you reduce interest costs for an agreed-upon time period however, they may not be suitable for certain buy today or pay later plans which don't charge interest at all. Additionally, you can transfer a balance only as high as the card's credit limit permits and usually there's charges based for the amount that you transfer typically between 3% and 5%. Compare potential buy now, pay later costs against these variables.
The process and terms will differ among the card issuers which allow this, so be sure to ask what to expect. Wells Fargo, for instance will allow you to use an account balance transfer to pay buy now, pay later debt.
"The most popular practice is to transfer balances of another credit card issuer to the Wells Fargo account to save on interest costs," Sarah DuBois, a Wells Fargo spokesperson, said via email. "If there's an issuer that isn't technically a retailer (or bank) card issuer customers have other options to avail the balance transfer offer (i.e. by using a balance transfer credit that is generally issued in conjunction with an deal)."
If a credit card company offers a balance transfer option in the form of an actual check, your capacity to make use of it could be contingent on your lender's capability to accept the payment method.
5. Consider the pros and cons of the personal loan
A personal loan can consolidate multiple debts into a monthly fixed payment at a lower rate of interest over a predetermined period. If the funds are sent into the account of your bank account, it's generally possible to make use of them to pay lenders, including buy-now, payday lenders. A high credit score could be able to qualify you for lower interest rates.
It's also not a good idea to repay debt using credit, therefore it's essential to calculate whether the proposed interest rate is a savings with any potential charges on buy now, pay later plans. If the buy now, pay later plans don't cost any fees or interest, then making it possible to pay it off with an individual loan might not be the best option. But it might be worthwhile to use the loan to consolidate other debts -- if that can free up money to pay off buy-now, pay later plans.
The article was written by NerdWallet and was originally released through The Associated Press.
About the author: Melissa Lambarena is a credit cards writer at NerdWallet. She has had her work featured in The Associated Press, New York Times, Washington Post and USA Today.
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