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Shopping online has never been more convenient.
Now the company has teamed up with J.P. Morgan.
How Affirm Works
you might use Affirm to buy everything from groceries to baby items to apparel.
There are no late or hidden fees.
However,a borrowers credit could be impactedif their loan is delinquent.
Instead of swiping a credit card, many are looking for ways to break up payments without interest upfront.
This makes it feel easier and more affordable in the moment.
Thats where the trap is, Ray said.
With BNPL services, the debt can add up.
This could ultimately impact your credit if you dont pay on time.
The finance guru wrote ablog postexplaining why budgeting matters and how it avoids sneaky BNPL services.
She explained that these services can trick people into thinking debt is okay.
She also noted that the monthly interest rates are incredibly high, more so than those on credit cards.
The idea of buying now and paying later is alluring, but its not smart.
It opens the door for consumers to stretch beyond their means without realizing the long-term cost, Ray explained.
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