The Current Can "Buy Now, Pay Later" lead to money problems?
Dec 8, 2025
Shannon Lee Simmons, a certified financial planner and founder of the New School of Finance, and Bruce Sellery, CEO of Credit Canada, dive into the pitfalls of buy now, pay later (BNPL) services. They discuss how these tempting offers can lead to overspending, especially among younger consumers facing cash flow pressures. The duo highlights psychological aspects, like emotional spending, and the potential mental health toll of accumulating debt. They also provide tips on using BNPL wisely and the importance of setting spending boundaries.
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Buyer Who Lost Track Of Charges
- Lee Dizon piled up multiple BNPL purchases and forgot what he was being charged for until notifications prompted him to check.
- He stopped using BNPL after finishing his installments and decided to wait before buying more.
Parent Uses BNPL For Better Gear
- Angelica Carolina uses BNPL to afford higher-quality kids' items like branded snow shoes instead of cheaper alternatives.
- She says BNPL helps her family buy things outside their regular budget for durability and quality.
BNPL As Merchant Marketing Tool
- Bruce Sellery explains BNPL reduces cart abandonment and raises average order value because merchants treat it as a marketing fee.
- That makes BNPL attractive to retailers even when they pay fees to BNPL firms.
