Buy Now, Pay Later schemes
Hello, millennium! We have grown accustomed to living in a society where we commit future money that we have not yet earned to enjoy something for the present moment. In this society of immediate gratification, many things can be bought now and paid later: Cars, furniture, electronics, practically anything! The different schools of thought will have various views of whether this is a good societal development, however for the purpose of this discussion, we will be listing some of the things you can buy now and pay later for.
Let’s get the most obvious out of the way first. Unless you were born in luxury with money being easily accessible, you will most likely need to get a bank loan to buy your home. For most, this is inevitable as even saving for the first batch of expenses takes its toll, let alone the whole amount! With this approach, you eventually end up paying more than the original price of the property due to the accumulating interest rate payment. In the past, property loan amounts were much lower than today, which indicates that people are more comfortable to commit their future long-term earnings in the place they will live in.
Buying a car has become all the more easier, when considering that vehicle companies are offering to sell at a monthly repayment with no deposit required. Take Nissan as an example! Today you can buy this car with no initial down payment. Apart from these attractive offers to buy a car, you can also opt for a bank loan.
A new laptop is likely to cost somewhere in the region of a thousand Euro. Many companies today offer you the convenience of purchasing a laptop for a monthly repayment, same as like a car, if you will. This will remove the strain of a one-time significant payment by distributing it over a number of months.
Smartphones today serve more as an accessory rather than to serve their basic function of calling and messaging people. Many are willing to pay and buy the latest smartphone so that they too can enjoy the latest technological features. Similar to laptops, smartphones can also be purchased on a monthly repayment basis, sparing you from a substantial expense which can leave you under for a month or two.
Although this provides a certain convenience as you can manage your expenses conveniently, caution in such purchasing needs to be exercised. You will need to ensure that all these separate expenses are managed appropriately, so that you will be able to keep up.