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5 Tactics to Pay Off the Debt Buy Today, Pay Later
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5 Tactics to Pay Off the Debt Buy Today, Pay Later
When your buy now, pay later bills come due, consider these tactics when you are figuring out how to get to debt free.
By Melissa Lambarena Lead Writer | Credit cards and credit cards, Melissa Lambarena is a lead writer for the credit card team of NerdWallet. She has been a passionate writer covering the subject of credit cards for over six years. Her prior experiences include nine years as an author for various websites and publications. In her writing, she aims to assist readers in extracting the value of credit cards to meet financial goals like expanding their budgets, building credit and traveling to dream destinations and paying off debt. She focuses on these subjects as well as others in her Millennial Money column featured in The Associated Press. Her work has also been published 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 The University of California, Los Angeles.
Updated on Jan 13, 2023 7:46AM PST
Edited by Kenley Young Credit cards, credit scores Kenley Young directs daily coverage of credit cards for NerdWallet. Before that, he was a homepage editor 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, including times as the chief of the copy desk, a wire editor and an editor of the metro at McClatchy. McClatchy Newspaper chain.
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It is likely the " " bill from the Christmas season is coming shortly or may have already made its debut.
If you're unable financially to cover the bill charges for late fees, or other costs can put your deeper in debt. Circumstances can change over the course of a few weeks because of financial setbacks like unemployment, an unexpected bill or family emergency, among other events.
When you're feeling the financial squeeze of those pay-in-four buy now, pay later plans -or perhaps other debts, it's important to create plans to pay down the balance.
Here are some ideas to consider when you are attempting to plan the best way to get out of debt.
1. Update your budget
Review your and trim unnecessary costs, or swap services with less expensive alternatives. For instance, you can end subscriptions you don't use such as, for instance switching to a streaming service that is less expensive.
If you're struggling with debt from credit cards that could take anywhere from three to five years of repayment to clear, think about talking to an accredited non-profit credit counseling agency to consolidate some balances into one low-interest installment. Be aware that accounts in the plan are typically required to be shut down, which could impact your financial situation in the short term.
2. Change your payment due date
Certain lenders, such as Klarna and Afterpay permit you to alter the payment due date or request an extension.
Klarna customers who use a pay-in-4 loan may extend due dates for the payment for each purchase one time for 14 days, per the company's website. Afterpay could offer more flexibility, allowing changes to the payment due date up to six times a year through the app, as per Amanda Pires, a company spokesperson.
Lender policies may differ according to the plan's terms or ask the lender about the options available to you.
3. Talk to lenders about the need for assistance
If a financial setback or situation prevents you from paying your bills or payments, the buy now pay later lender might be able to provide some relief.
Major buy today, pay later businesses that have hardship policies generally encourage you to contact customer service as quickly as possible regarding the hardships.
"Affirm customers who are experiencing financial difficulties can reach us via our help desk so that we can work with them to determine a repayment plan that best meets their personal needs," Casey Becker, an official spokesperson for the company, said via email.
Terms differ by lender.
4. Think about a balance transfer credit card
If you have good credit (a FICO score of 690 or more) some issuers might offer to be used to pay buy now, and pay it off later. That might buy you some time should you be trying to meet the time-bound payment, but there are some points to be aware of.
Balance credit cards for transfer are designed to assist you to reduce interest costs for an agreed-upon time period, so they might not be suitable for certain buy today, pay later plans that don't charge interest at all. You can also transfer the balance as much as the card's credit limit will allow and typically there's an additional fee based on the amount you transfer, usually between three and five percent. Compare potential buy now, pay later costs against these variables.
The procedure and the terms differ between the credit card companies that allow this, so be sure to ask what you can anticipate. Wells Fargo, for instance might permit a balance transfer to pay buy now, pay later debt.
"The most common practice would be to move balances from a different credit card issuer into the Wells Fargo account to save on interest charges," Sarah DuBois, a Wells Fargo spokesperson, said via email. "If there's an issuer that isn't technically a retailer or bank credit card issuer customers have other options for how to avail their balance transfer offer (i.e. by using a balance transfer credit that is generally issued with this offer)."
In the event that a card company offers a balance transfer option that is in the form of the form of a check, your capability to utilize it will be contingent on your lender's ability to accept the payment method.
5. Be sure to weigh the pros and cons of the personal loan
A personal loan can consolidate multiple debts into a monthly fixed payment at a lower interest rate for a specified time. If the funds are sent into your bank account, it's generally possible to utilize them to pay all creditors, including buy now, payday lenders. A good credit score may be able to qualify you for an interest rate that is lower.
However, it's not a good idea to pay off debt with credit, therefore it's essential to consider whether the interest rate will save you money compared with the possible charges for buy now or pay later plans. If the buy now, pay later plans don't cost interest or fees, making it possible to pay it off with a personal loan might not be the best option. It could be worth taking the loan to consolidate loans if it will free up funds to pay off buy now and pay later plans.
This post was written by NerdWallet and first published by The Associated Press.
The author's bio: Melissa Lambarena is a credit card writer at NerdWallet. Her work has been featured by The Associated Press, New York Times, Washington Post and USA Today.
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