There are an endless number of ways to borrow money these days, whether you sign up for a credit card, take out a personal loan, or borrow against the equity in your home. However, lenders are always dreaming up new ways to get us to make payments on things we buy. As a result, new payment options that let you buy something now and pay for it later are on the rise.
Buy now, pay later (BNPL) offers are typically interest free, but that doesn't mean they're always a good deal. You may not be paying anything in interest or fees, but you could very well be using this payment flexibility to finance items you don't really need — and should probably pay for in cash.