You probably not old enough to remember actual Layaway plans but it's not exactly like buy now/pay later. You didn't take home the product until it was paid for and you got longer than 4 payments/weeks. Layaway was the way to get a lot of items at once but you had to wait and you could cancel them if you changed your mind. Miss those times. They started ending in the early 2000s mostly because of abandonment and employee theft.
Bring back the old layaways! Layaway plans definitely paved the way for flexibility but profit is king more so than ever and BNPL is the Venn diagram overlap child of both.
These buy now pay later traps are just the new version of QVC 😅. I have 1 credit card and we pay it in FULL each month. I get credit card offers in the mail and I look at the interest rates...22% and HIGHER! I remember when my parent's credit cards had a 2%-3% interest rate and they are still in debt 20 years later... I'm not falling for these consumer traps. I enjoy mending and altering the clothes I have (hand sewing is relaxing, artistic, and rewarding for me). My friends appreciate my hand made gifts as well as the ones I plan and save up for.
Literally said the same thing to a friend. It’s QVC online. That’s the thing about all these instant gratification consummerism ploys, it relys on lack of proper planning and dopamine traps to thrive. Glad to see you have a strong financial background!
You probably not old enough to remember actual Layaway plans but it's not exactly like buy now/pay later. You didn't take home the product until it was paid for and you got longer than 4 payments/weeks. Layaway was the way to get a lot of items at once but you had to wait and you could cancel them if you changed your mind. Miss those times. They started ending in the early 2000s mostly because of abandonment and employee theft.
Bring back the old layaways! Layaway plans definitely paved the way for flexibility but profit is king more so than ever and BNPL is the Venn diagram overlap child of both.
These buy now pay later traps are just the new version of QVC 😅. I have 1 credit card and we pay it in FULL each month. I get credit card offers in the mail and I look at the interest rates...22% and HIGHER! I remember when my parent's credit cards had a 2%-3% interest rate and they are still in debt 20 years later...
I'm not falling for these consumer traps. I enjoy mending and altering the clothes I have (hand sewing is relaxing, artistic, and rewarding for me). My friends appreciate my hand made gifts as well as the ones I plan and save up for.
Literally said the same thing to a friend. It’s QVC online. That’s the thing about all these instant gratification consummerism ploys, it relys on lack of proper planning and dopamine traps to thrive. Glad to see you have a strong financial background!