Have you ever been duped by a layaway service that charged you for your purchases using “buy now, pay later” shopping platforms? The current global boom has become a trend, particularly with regard to online purchases that appear so promising and may seem to be the ideal way to allay our guilt.
Watch the video below to learn more about The “buy now, pay later” trap explained.
Vocabulary Questions:
- Define “down the line”. “I can just sign up for these payments and then worry about paying it sometime down the road” Use this term in a sentence.
- What does “in a vacuum” mean? ” “But this explosion wasn’t just happening in a vacuum.” Use this phrase in a sentence and give a synonym.
- Expound on the term “last hurdle”? “You see, brands have mastered phycological manipulation through their website, but specifically on the last hurdle, which is the checkout page.” Use this idiom to make your own sentence and give a synonym.
Discussion Questions:
- Have you availed yourself of this “Buy now, pay later” program, and how does it make you feel after purchasing something online and not having to pay immediately?
- Do you think that we failed to recognize the financial trap of “buy now, pay later”?
- Will you explain the differences between a “buy now, pay later” plan and a credit card?
- How can we, in your opinion, stay out of any financial pitfalls that result in mounting debt?
- What are the most important financial education lessons you can impart to us, and how did you come to know them?