A young woman has uncovered the dark reality of ‘buy now, later pay’ after she had spent an eye-watery $ 19,000 with the help of AfterPay in just two years.
Hobart -wife Shyneka Long, 21, was so alerted by the costs of her afterpay ‘addiction’ that she has one Tap Video that encourages others to check what they spend.
“This is your sign to literally remove AfterPay or to look at your bank statements and see how much you have spent in AfterPay in the last two years,” she said.
‘I am really about to expose myself, but in the past two years I have spent $ 19,000 on AfterPay. What the f ***.
“I could have had the car. Is there an addiction anonymous for AfterPay? Because where do I sign my whole family. This is bad, this is so bad. ‘
AfterPay is now a popular purchase, Pay later (BNPL) service with which customers can get goods without prior costs, and then pay them in four interest -free installments for six weeks.
However, those who do not do repayments on time will become very high interest costs.
Mrs Long’s despair led others to confess their afterpay in the comments of her video.
Mrs. Long (photo) urged Aussies to check what they spend using ‘Buy now, Pay later’ services after she had spent $ 19,000 using AfterPay in just two years
“I’m going to hold your hand when I tell you, mine since 2023 has been $ 62,815,” said one.
“I could take the cake – $ 122.502,” gave a second comment.
“My mother had to get Centrelink -Loingen to pay hers back,” a third said.
“45k in 2 years, but I have been in it since 2018 … I’m actually ashamed,” wrote a fourth.
‘Omg I just checked mine and thought I would be the same, but it is only $ 5,885. I will keep the app, “another shared.
“I was banned from AfterPay when I bought too much and couldn’t pay it all on time, in the end it all paid for it just later than they wanted,” a woman noted.
Others shared their advice to minimize BNPL expenditure.
“I have a rule for afterpay: only one by one, and always wait a month before I buy something new/start a new one,” one person wrote.
AfterPay is now a popular purchase, pay later (BNPL) service with which customers can pay for articles in four interest -free installments for six weeks (stock image)
‘Afterpay can really be a good tool to get things you want. I invested in Slow Mode with AfterPay + things I need, such as Quality Bagage etc., “A second said.
Data collected in the end of 2024 Found (BNPL) services such as AfterPay, Klarna or Zip Pay were used in the past six months by two in five Australians.
They are the most popular credit product in Australia, behind credit cards and housing loans.
Research showed that Millennials make up 38 percent of users of BNPL services, followed by Gen Z with 13 percent.
Up to 15 percent of Gen ZPL’s customers did not believe that lenders would check their credit score as part of being eligible for loans.
New laws to shift the regulations of BNPL services In accordance with credit cards, on Tuesday came into effect.
The new laws require BNPL providers to hold an Australian credit permit, perform mandatory checks on the credit scores and enforce the financial status of customers and enforce stricter spending limits.
Customers with existing BNPL accounts are not obliged to undergo a credit control, only new customers.
BNPL -Loingen also have a greater impact on credit scores that are used to assess the suitability for credit cards, personal loans and mortgages.
In the future, late and reimbursements, the credit scores of customers and outstanding refunds will be considered as debts.
A spokesperson for the AfterPay told Daily Mail Australia who enables customers to manage flexible payment options, so that they can effectively manage their expenses and prevent rotating debts. “
“We believe that everyone should have access to a safe, simple and transparent way to manage the expenses – whether it’s daily essential, unexpected expenses or one -off purchases,” they said.
‘Afterpay is a free service for consumers who pay on time and a much safer and affordable alternative to traditional credit, that the interest rates of more than 20 percent can charge.
‘Our product has a number of built -in safety functions to protect customers against damage. Our current model exposes customers to the lowest possible risk. ‘
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