48: Why AfterPay Is Financially Toxic

Girl on FIRE

🎙 Bought it on AfterPay? You’re at risk of totally ruining your finances! AfterPay and other buy now, pay later services may seem like the answer to your money problems. But are they really that great, or are they financially toxic and predatory schemes leading you down the road to financial ruin? 🤔

This episode discusses topics like:

🌟 The real reason why your favourite retailers are offering AfterPay and other buy now, pay later services;

🌟 Why shopping with AfterPay is like a kid throwing a tantrum; and

🌟 Why AfterPay and other buy now, pay later services are a gateway drug to total financial ruin.

Links from this episode:

Episode transcript and show notes: https://www.papermoneyco.com/gof48

Ready to finally take control of your money and build the life of your dreams? Join Camp FIRE! Camp FIRE is the premier membership community helping you get your money under control and reach your goals for a happy and fulfilling life. With tons of masterclasses, bonus content, spreadsheets, accountability and fun, get ready to say YES to a life you love. Become a Camper now for just $4.99 a month (or get 2 months of membership for free when you pay yearly): https://www.papermoneyco.com/campfire

What is AfterPay?: https://www.choice.com.au/shopping/online-shopping/buying-online/articles/what-is-afterpay

ASIC Study — Buy Now, Pay Later: An Industry Update: https://asic.gov.au/media/5852803/rep672-published-16-november-2020-2.pdf

Credits:

Producer: Gonzalo Araya

Editor: Gonzalo Araya

Time codes:

00:00 Hello and Welcome!

04:27 What Is AfterPay?

07:01 ASIC Study of Buy Now, Pay Later Industry

12:02 Sponsor - Camp FIRE

13:20 Why Is AfterPay Financially Toxic?

23:42 Is Using AfterPay Ever Okay?

25:26 Next Weeks’ Episode

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The advice shared on Girl on FIRE is general in nature and does not constitute financial advice. The information shared does not consider your individual circumstances. Girl on FIRE exists purely for educational purposes and should not be relied upon to make an investment or financial decision.