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5 Tactics to Pay Off Buy Now, Pay Later
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5 Tips to Pay Off Buy Now, Pay Later
When your buy now, pay later bills come due, think about these strategies when you are figuring out how to get out of debt.
By Melissa Lambarena Lead Writer | Credit cards, the debt Melissa Lambarena is a lead writer on the credit card group at NerdWallet. She has enthusiastically covered credit card related topics for more than six years. Her prior experiences include nine years as an author for various publications and websites. With her efforts, she aims to help readers extract value from credit cards for financial goals like expanding their budgets, building credit and traveling to dream destinations and paying off debt. She focuses on these subjects and others in and her Millennial Money column featured in The Associated Press. Her work has also appeared in 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 University of California, Los Angeles. University of California, Los Angeles.
Updated January 13th, 2023 at 7:46 AM PST.
Written by Kenley Young Credit score, credit cards Kenley Young directs daily coverage of credit cards on NerdWallet. Previously, he was an editor on the homepage as well as a digital content producer at Fox Sports, and before being a front-page editor for Yahoo. He has years of experience in both digital and print media, including stints as an editor at the copy desk, a wire editor and an editor of the metro at the McClatchy Newspaper chain.
The majority or all of the items featured on this page are provided by our partners, who we pay. This impacts the types of products we write about and the location and manner in which the product is featured on the page. However, this does not influence our evaluations. Our opinions are entirely our own. Here's a list and .
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Chances are you're " " bill from the holiday season will arrive soon or has already made its debut.
If you're not financially ready to pay up charges for late fees, or other costs can put your deeper in debt. The situation can alter in just a few weeks due to unexpected financial challenges like unemployment, an unexpected bill, a family emergency or other circumstances.
If your financial situation is causing you to feel the strain of those buy-now-pay-in-four or pay later plansor perhaps other debts -- it's crucial to devise an action plan to pay off debts.
Here are some options to consider as you strategize your way out of debt.
1. Update your budget
Reevaluate your habits and reduce unnecessary costs, or swap services with less expensive alternatives. Cancel unused subscriptions, for example switching to a cheaper streaming service.
If you're also dealing with debt from credit cards that could take anywhere from three to five years to pay off, think about talking to an accredited non-profit credit counseling service regarding a, which could consolidate some balances into one low-interest installment. Be aware that accounts in the program are usually required to be shut down, which could affect 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 or ask for an extension.
Klarna customers using a pay-in-four loan can extend the due date for each payment once by 14 days, according to the company's website. Afterpay may provide more leeway, allowing changes to the payment due date up to six times a year through the app, as per Amanda Pires, a company spokesperson.
Policies of lenders can differ, so read the plan's conditions or speak to the lender about your options.
3. Communicate with lenders about hardships
If a setback in your finances or an situation prevents you from making your payments, the buy now, pay later lender might be able to provide some relief.
Major purchase now, pay later companies with hardship policies typically encourage you to contact customer service as quickly as possible about the hardships.
"Affirm users experiencing financial hardship can contact us through our help desk so that we can help them identify an available repayment option that best meets their personal requirements," Casey Becker, the spokesperson for the company, told me via email.
The terms of the loan vary according to lender.
4. Think about a balance transfer credit card
If you're a credit-worthy person (a FICO score of 690 or more) Some issuers will offer you the opportunity to pay for buy-now, and pay it off later. It could allow you to extend your time should you be trying to meet the plan's payment deadlines however there are a few points to be aware of.
Balance credit cards that transfer balances are designed to help you lower interest charges over an agreed-upon time period, so they might not be the best choice for buy now or pay later plans which don't charge interest to begin with. Plus, you can move a balance only as high as your credit limit permits and usually there's a fee charged on the amount transferred generally between 3% and 5%. Compare the potential purchase now and charges for pay later against these elements.
The procedure and conditions will vary among the card issuers which allow this, so ask what you can expect. Wells Fargo, for instance, may allow an account balance transfer to pay buy now, to pay later on debt.
"The most popular practice would be to move balances from a different credit card issuer to your Wells Fargo account to save on interest," Sarah DuBois, a Wells Fargo spokesperson, said via email. "If there's an issuer that isn't technically considered a retail or bank card issuer, customers do have other options for how to take advantage of their balance transfer deal (i.e. using a balance transfer check that comes in conjunction with this deal)."
When a credit card issuer offers a balance transfer feature by way of an actual check, your capacity to utilize it will be contingent on your lender's capability to accept that payment method.
5. Consider the advantages and disadvantages of a personal loan
A personal loan can consolidate multiple obligations into a fixed monthly payment with a low rate of interest over a predetermined time. If the funds are sent directly to your bank account, it's generally possible to make use of them to pay creditors, including buy now and loans that pay in the future. A credit score that is good could be able to qualify you for lower interest rates.
However, it's not the best way to pay off debt with credit, so it's important to consider whether the interest rate offers savings compared to the potential fees on buy now plans, such as pay later. If your buy now, pay later plan doesn't charge interest or fees, paying it off with a personal loan might not be the best option. But it might be worth taking the loan to pay off other debts , if you allows you to free up cash to pay for buy now, pay later plans.
The article is written by NerdWallet and was first published by The Associated Press.
Author bio Melissa Lambarena is a credit cards writer at NerdWallet. The work she writes has been highlighted on The Associated Press, New York Times, Washington Post and USA Today.
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