Buy Now Pay Later services are popular across online shopping apps. They let you buy items today and pay later in easy installments. But they can be risky if not used wisely.
The first mistake is treating PayLater as free money. It is still a loan. Missed payments attract penalties and damage your credit score.
The second mistake is using multiple PayLater options across apps. It becomes hard to track repayments and increases your total debt.
The third mistake is not reading the repayment schedule. Some plans charge interest after a grace period. Others auto-debit your account and add penalties if you do not maintain a balance.
Always calculate your monthly budget and ensure that your EMIs do not exceed thirty percent of your income. Pay all dues before the due date and avoid revolving debt.
Used wisely, PayLater is a helpful tool. Misused, it becomes a debt trap.
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