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5 Strategies to Pay Off Debt Purchase Now and Pay Later
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5 Tactics to Pay Off Purchase Now and Pay Later Debt
If you are buying now and bill payments are due, you should consider these tips when you are figuring out how to get to debt free.
Written by Melissa Lambarena Lead Writer | Credit cards and the debt Melissa Lambarena is a lead writer for the credit card team at NerdWallet. She has been enthusiastically covering credit card-related topics for over six years. Her previous work experience includes nine years as an editor for various publications and websites. Through her work, she aims to help users extract value from credit cards to meet financial goals like stretching their budget, building credit score, visiting their dream destinations, and paying off debt. She explores these issues and others in and The Millennial Money column featured in The Associated Press. Her work has also been published on The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor's degree in sociology at The University of California, Los Angeles.
Updated January 13, 2023 7:46 AM PST
Edited by Kenley Young Credit score, credit cards Kenley Young directs daily coverage of credit cards for NerdWallet. Previously, he was an editor on the homepage as well as a digital content producer at Fox Sports, and before that a front page editor at Yahoo. He has a wealth of experience in both digital and print media, including times as the chief of the copy desk as well as a wire editor, and an editor of the metro for the McClatchy newspaper chain.
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It is likely you're " " bill from the Christmas season will be arriving shortly or may have already made its debut.
If you're not financially prepared to cover the bill the late fees and other costs can put you deeper in debt. The situation can alter in just a few weeks due to financial setbacks like unemployment, unexpected bills or family emergency, among other circumstances.
If it's time to take on the strain of those buy-now-pay-in-four, pay later plans -- and possibly other debts -- it's important to create plans to pay down debts.
Here are some ideas to consider as you strategize your strategy to pay off debt.
1. Update your budget
Review your and trim unnecessary expenses or swap services for less costly alternatives. You can cancel subscriptions that are not being used like, say switching to a lower-cost streaming service.
If you're struggling with credit card debt that could take anywhere from three to five years to pay off, you should consider seeking out an accredited non-profit credit counseling service regarding a, which could consolidate some balances into a single low-interest payment. Note that accounts enrolled in the plan are typically required to be closed. This can impact your finances in the short term.
2. Change your payment due date
Certain lenders, such as Klarna and Afterpay permit you to alter the due date for payments and request an extension.
Klarna customers who use a pay-in-4 loan may extend due dates of each payment one time for 14 days, as per the company's website. Afterpay could offer more flexibility, allowing 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, so read the terms of the plan or talk to the lender about the options available to you.
3. Communicate with lenders about hardships
If a financial setback or crisis prevents you from making your payments, the buy now, pay later lender may offer some relief.
Major purchase now, pay later firms with hardship policies typically encourage you to contact customer service as soon as you can about any difficulties.
"Affirm users experiencing financial hardship can reach us via our help desk so that we can work with them to determine a repayment plan that will best suit their personal needs," Casey Becker, an official spokesperson for the company, said via email.
The terms of the loan vary according to lender.
4. Think about a credit card that allows balance transfers
If you have good credit (a FICO score of 690 or greater), a few issuers may offer to be used to pay for buy-now, and pay it off later. That might buy you some time should you be having difficulty meeting a time-bound payment however there are a few things to know.
Balance credit cards that transfer balances are designed to help you lower interest charges over the specified timeframe They may not make sense for certain buy today or pay later plans that don't charge interest initially. You can also transfer a balance only as high as your credit limit will allow and usually there's an additional fee based on the amount transferred, usually between three and five percent. Compare the potential purchase now and cost of pay later against these factors.
The procedure and the terms vary among the card issuers who allow this, so ask what to expect. Wells Fargo, for instance might permit an account balance transfer to pay buy now, to pay later on debt.
"The most commonly used method involves transferring balances from a different 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 a creditor that is not technically considered a retail (or bank) card issuer consumers do have options to take advantage of the balance transfer offer (i.e. using a balance transfer cheque which is typically issued along as part of this deal)."
If a credit card issuer offers a balance transfer feature that is in the form of the form of a check, your capability to make use of it could be contingent on your lender's capability to accept that payment method.
5. Consider the advantages and disadvantages of the personal loan
A personal loan can consolidate multiple debts into a fixed monthly payment that has a low rate of interest over a predetermined period. If the funds are transferred into an account in your bank account, it's generally possible to use them to pay any lenders, including buy-now, payday lenders. A high credit score could be able to qualify you for a lower interest rate.
It's also not ideal to pay off debt with credit, so it's important to consider whether the interest rate will save you money compared with the possible charges for buy now or pay later plans. If your buy now pay later plans don't cost any fees or interest, then paying it off with a personal loan may not be ideal. It could be worth using the loan to consolidate other debts , if you can free up money to pay for buy now or pay later plans.
The piece is written by NerdWallet and first printed in The Associated Press.
Author bio Melissa Lambarena is a credit cards writer at NerdWallet. Her work has been highlighted by The Associated Press, New York Times, Washington Post and USA Today.
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