Costs, late fees and credit reporting gaps

As we all gear up to spend money on gifts this holiday season — we might be tempted by the many retailers offering some sort of "buy now, pay later" program at their online checkout. Recently, Paypal has started offering it in Canada. And while it can be appealing, as an interest-free way to purchase big-ticket items, financial experts Shannon Lee Simmons and Bruce Sellery warn that it can also lead to overspending — as we indulge in an ever-escalating list of "wants" as opposed to "needs."