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Five Strategies to Pay Off Buy Now and the Pay Later debt risk advertiser disclosure You're our first priority. Each every time. We believe that every person should be able to make financial decisions with confidence. Although our site doesn't feature every company or financial product on the market however, we're confident of the advice we provide and the information we offer and the tools we develop are independent, objective easy to use and cost-free. How do we earn money? Our partners compensate us. This may influence which products we write about (and the way they appear on our website), but it doesn't affect our advice or suggestions, which are grounded in hundreds of hours of study. Our partners cannot be paid to ensure positive review of their services or products. . 5 Strategies to Pay Off Buy Now or Pay Later Debt If you buy now, but pay later bills come due, consider these tactics as you strategize your way from debt. Written by Melissa Lambarena Lead Writer | Credit cards and loans Melissa Lambarena is a lead writer on the credit cards team at NerdWallet. She has enthusiastically covered credit card-related topics for over six years. Her previous experience spans nine years as a content creator for several sites and publications. In her writing, she aims to assist readers to extract benefits from credit cards in order for financial goals like stretching their budget, building credit, traveling to dream destinations, and repaying debt. She covers these topics along with others in her Millennial Money column featured in The Associated Press. Her writing has also been featured in The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa holds a bachelor's degree in sociology from the University of California, Los Angeles. Jan 13th, 2023 Edited By Kenley Young Assigning Editor | Credit scores, credit cards Kenley Young directs daily credit cards coverage for NerdWallet. Previously, he was a web editor and digital content producer at Fox Sports, and before being a front page editor at Yahoo. He has a wealth of experience in both digital and print media, with times as a copy desk chief as well as a wire editor as well as metro editor of the McClatchy Newspaper chain. Email:
. The majority of products we feature are made by our partners, who pay us. This influences which products we write about as well as the place and way the product is displayed on the page. However, this doesn't influence our opinions. Our views are our own. Here's a list of and . Chances are the " " bill from the season of Christmas will be arriving in the near future or already arrived. If you're not financially ready to pay it charges for late fees, or any other charges could put your deeper in debt. Situations can change in the course of a few weeks because of economic setbacks such as unemployment, unexpected bills or a family emergency other circumstances. If you're feeling the financial strain of the pay-in-four buy-now, pay later plans -- and possibly other debts, it's crucial to devise an action plan to reduce balances. Here are some ideas to think about when you think about ways to get out of debt. 1. Check your budget and cut out unnecessary expenditures or exchange services for cheaper alternatives. You can cancel subscriptions that are not being used, for example, or switch to streaming services that are less expensive. If you're also dealing with credit card debt that may take three to five years of repayment to clear, think about speaking with an accredited nonprofit credit counseling firm to make one low-interest installment. Be aware that accounts in the plan are generally required to be closed. This can impact your financial situation in the near term. 2. Change the date of your due payment Some lenders , such as Klarna and Afterpay permit you to alter the date of payment or request an extension. Klarna customers with a pay-in-4 loan may extend the date of a payment for each order for a period of 14 days, according to the website of the company. Afterpay may provide more leeway, allowing changes to the date of payment at least six times a year through the application, according to Amanda Pires, a company spokesperson. Lender policies may differ, so read the plan's terms or ask the lender about the options available to you. 3. Inform lenders of difficulties if a financial problem or emergency prevents you from making payments and you are unable to make payments, the buy now pay later lender may offer some relief. Large buy-now, pay later companies that offer hardship policies usually advise you to speak with customer service as soon as you can about any hardship. "Affirm customers who face financial difficulties can reach us through our help center so we can assist the customer to find a payment option that is most suitable for the individual requirements of each," Casey Becker, an official spokesperson for the company, stated via email. The terms vary for each lender. 4. Consider a balance transfer credit card If you have good credit (a FICO score of 690 or higher) A few issuers may offer to be used to pay off buy today, and later pay off debt. That might buy you some time should you be having trouble meeting a plan's deadlines for payments, but there are a few things you need to know. Credit cards that balance transfer are designed to help you avoid interest charges within a specific timeframe, so they might not make sense for certain buy nowand payment plans which don't have interest charges to begin with. Additionally, you can transfer a balance only as high as the credit limit of your card allows. There's also a fee charged on the amount transferred typically between three and five percent. Compare the potential buy now and cost of paying later against these factors. The method and conditions differ among the credit card companies that allow this, so make sure you know what to expect. Wells Fargo, for instance will allow you to use a balance transfer to pay off a buy-now, pay later debt. "The most commonly used method is to transfer balances from a different credit card issuer to the Wells Fargo account to save on interest charges," Sarah DuBois, a Wells Fargo spokesperson, said via email. "If there's an issuer that isn't technically a retailer (or bank) card issuer), consumers do have other options to take advantage of their balance transfer offer (i.e. by using a check for balance transfer which is typically issued in conjunction as part of this deal)." If an issuer of credit cards offers the option of transferring balances by way of checks, your capacity to make use of it will depend on the lender's capacity to accept that payment method. 5. Weigh the pros and cons of a personal loan The personal loan can consolidate multiple debts into a monthly fixed payment with a low-interest rate over a designated period. If the money is deposited into your bank account, it's generally possible to utilize them to pay all creditors, including buy now, pay later lenders. A high credit score could allow you to get lower interest rates. But again it's not the best option to pay off debt with credit, and it's therefore important to determine if the proposed interest rate offers savings compared with any potential charges on buy now plan to pay in the future. If your buy now pay later plans don't cost any fees or interest, then paying it off with a personal loan isn't the ideal choice. It could be worthwhile to use the loan to consolidate debts , if you can free up money to pay off buy now, payment later programs. This piece was composed by NerdWallet and first written in The Associated Press. About the writer: Melissa Lambarena is a credit cards author at NerdWallet. Her work has been highlighted in The Associated Press, New York Times, Washington Post and USA Today. In a similar vein... 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