The Hidden Trap Of Buy Now Pay Later Services | BTN High
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- Опубликовано: 15 мар 2023
- A lot of young Aussies are being caught out when it comes to paying for things using ‘Buy Now Pay Later’ services. We unpack what they are and look at the financial traps young people are falling into.
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I didn't understand when they first came in with buy now pay later in Australia.. as credit was getting so hard to get for every day low in come earners from banks, like even $1000. And if you get one, from one bank, you generally couldn't from another. Yet buy now pay later, you can sign up to each one and get $5000 no probs, way more than low income can support, no regulation.. it's like the dark ages of loan rules.
am see i can aply to this card on to it but on pension and trustdy pay 200 only a week my ask if i can aply check all out now
@@intermixhector2902if your on a pension you don't need by now pay later or credit cards. You won't be able to afford the repayments.
Here's a pro tip: don't buy things you don't need with money you don't have.
…pro tip? As far as they pay back on time without compromising anything is ok to use these services. You are no pro… but some random in a comments section.
You cannot trust a company out to make a profit to self regulate themselves, those are just marketing spin words to avoid ethical accountability.
Like... You?
Also, this is just a new gimmick on credit card debt.
confess input tax credits are used for terminal crack addictions. then repute any non-cash additions to make eco kits more eco friendly.
interoperability between sectors was furloughed & now they require owed back support on-premise. I demand you hide every witness. make sure to remove review comments off pages. always avoid the bigger ticket by working for the matrix. there's no quantum of penalty, for disintermediating communities, so you can't say shet
after turning tricks & doing paymenttwistmates, u better shake hands with them.
now it's civilised inter-party competition. that's my crack-profit's core commitment.
I used the pay in four when they were doing interest free promos. I know a high-interest loan when I see one, though.
I get that they're trying to be "hip and down with the kids" but the writing just comes off condescending.
“Hello fellow kids!”
It’s BTN, a literal kid show
couldn't care less, they provide very educational news segments that are worth your time even as an adult
It's targeting the lowest common denominator. And too be fair, that's most of the people that don't immediately recognize the high fees with this new gimmick.
after turning tricks & doing paymenttwistmates, u better shake hands with them.
now it's civilised inter-party competition. that's my crack-profit's core commitment.
4:32 table💀
awesome presenter :)
It's just digital laybuy, nothing innovative.
Great message but who is the narrator he is so handsome 😍
pay on time nothing happen is that right
yep, in most cases, but you are budgeting with less cash. The budget buffer might get real tight on low income. Anything bad happens like a medical expense and it can spiral.
Young people need credit? No they don't, that's insane. How did we arrive at this point in history, where so many young people are so over burdened? Ban these criminal lending symbionts from ripping off anyone younger than 25. And no less than full regulation option 3.
I was thinking that
They shouldn't but the governments Across the world's failings have completely screwed up the economy causing people to get more and more desperate
100% correct. Credit is not a right of passage. It's a form of modern slavery.
Idiots, why pay later..grab and go no one will stop you.
after turning tricks & doing paymenttwistmates, u better shake hands with them.
now it's civilised inter-party competition. that's my crack-profit's core commitment.
Hmm & HP and credit cards don’t have their problems too, don’t they pray on the vulnerability of people? Nice try to make these companies look really shady. Young people use these avenues cos banks aren’t approachable, as a student I’m not eligible for a credit card therefore I’m sensible ie I pay on time & don’t bite off more than I can pay back. Simply educate from schools, universities, tafes & advertising the risks of debt - simple as that. I think all this bad press is simply other providers are upset cos their missing out on their revenue & unlike the other two mentioned above the other system doesn’t attract interest if you pay on time. ABC your not being completely being unbiased in this story.
Well, nobody's arguing that credit cards don't have their own problems. That's why they're regulated (although imo not enough to prevent debt traps). Buy now pay later schemes should be regulated as well.
I agree that discussions about credit and debt should be taught in schools. It's an important part of being an adult I really got taught about in high school.
Yes, the bad press could be due in part to competitors not making as much money. Alternatively, it could be an Uber situation where the only reason they're making more money is because, owing to their newness, they're not very well regulated. Corporations don't like government regulation because it reduces the amount of money they can make by exploiting people.
The ABC is not unbiased, true. You're not, and I'm certainly not either. But I don't think this video displays an excessive opposition to buy now pay later as a concept, just the industry needs to be regulated like any other.
If you are in BNPL debt, I pray you go deeper into debt since you all do not want to stop purchasing things you cannot afford.
Money cash oats bills lol that's funny good video I like the idea of this video and concept because in general
Credit is designed to screw you - sometimes - Big Time - end of story.
*Charge you high interest.
That's not necessarily a screw-over.
But now, invest the money in the stock market and use the 10% profits to pay it later 😜
buy the dip now. commandeer federal bailouts later.
If you don't have the money now = means you don't have the discipline to save for the future.
If you don't have the money now = means you can't afford it.
Very modern
If your living pay check to pay check and cannot physically save your money for the future especially if your the sole provider only earning enough to cover rent, utilities and food for a family of 3. Explain to them how they don’t have the discipline to save. Stop trying to black or white financial situations.
@@BlairAnsor Boomers won't understand what young people are going through in these tough times.