5 Strategies to Pay Off Purchase Now, the Pay Later debt risk advertiser Disclosure You’re our first priority. Each time. We believe that every person should be able to make financial decisions without hesitation. Although our site doesn’t include every business or financial product that is available on the market, we’re proud that the guidance we offer as well as the advice we provide and the tools we create are impartial, independent easy to use and free. So how do we earn money? Our partners compensate us. This may influence which products we review and write about (and where they are featured on the website) However, it in no way affects our advice or suggestions, which are grounded in many hours of study. Our partners are not able to be paid to ensure positive reviews of their products or services. . Five strategies to pay off Buy Now and Pay Later Debt. When your buy now, pay later bills come due be sure to consider these tips as you strategize your way from debt. By Melissa Lambarena Lead Writer | Credit cards and credit cards, Melissa Lambarena is a lead writer on the credit cards team at NerdWallet. She has been enthusiastically covering the subject of credit cards for more than six years. Her previous experience spans nine years of experience as an editor for various publications and websites. Through her work, she aims to assist readers to extract value from credit cards to meet financial goals like expanding their budgets, building credit, traveling to dream destinations, and repaying debt. She focuses on these subjects along with others in The 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 has a bachelor’s degree in sociology from University of California, Los Angeles. University of California, Los Angeles. Jan 13, 2023 Edited by Kenley Young Assigning Editor | Credit scores, credit cards Kenley Young directs daily credit cards coverage for NerdWallet. Previously, he was a homepage editor and digital content producer for Fox Sports, and before that a front page editor for Yahoo. He has a wealth of experience in digital and print media, including times as the chief of the copy desk as well as a wire editor as well as metro editor of the McClatchy newspaper chain. Email:

. Many or all of the items featured here come from our partners who compensate us. This impacts the types of products we feature and where and how the product appears on the page. But, it doesn’t influence our evaluations. Our opinions are our own. Here is a list of and . Chances are the ” ” bill from the holiday season will be arriving in the near future or already appeared. If you’re not financially prepared to pay up charges for late fees, or any other costs could leave you in more debt. Situations can change in a matter of weeks through financial setbacks like unemployment, an unexpected bill or a family emergency other circumstances. When you’re feeling the financial strain of the pay-in-four buy-now, pay later plans -as well as other debts, it’s essential to develop a plan to pay down the balances. Here are some alternatives to think about as you plan your escape of debt. 1. Check your budget and cut out unnecessary expenditures or swap services for lower-cost alternatives. You can cancel subscriptions that are not being used, for instance, or choose a cheaper streaming service. If you’re also struggling with credit card debt which could take anywhere from three to five years of repayment to clear, you should consider speaking with an accredited nonprofit credit counseling agency regarding a, which could combine some of your balances into one low-interest monthly payment. Note that accounts enrolled in the plan are generally required to be shut down, which can impact your financial situation in the short-term. 2. Modify the due date for your payments Some lenders like Klarna and Afterpay allow you to change the date of payment and request an extension. Klarna customers who take advantage of a pay-in-four loan may extend the date of a payment for each order up to 14 days at a time, according to the website of the company. Afterpay might offer more flexibility, allowing changes to the payment due date at least six times per year in the application, according to Amanda Pires, a company spokesperson. The policies of lenders may vary, so read the plan’s guidelines or speak to your lender about your options. 3. Communicate with lenders about difficulties if a financial problem or emergency keeps you from paying your bills and you are unable to make payments, the buy now pay later lender might provide some relief. The major buy-now pay later firms with hardship policies typically advise you to speak with customer service as soon as possible about hardships. “Affirm customers who face financial difficulties can contact us through our help center so we can help them to identify an available solution to repay that best suits their personal needs,” Casey Becker, a company spokesperson, said via email. The terms of loans vary from lender to lender. 4. Consider a balance transfer credit card if you’ve got good credit (a FICO score of 690 or more) Some issuers might offer to be used to pay for buy now, pay later debt. That might buy you some time should you be trying to meet the plan’s deadlines for payments, but there are some things to be aware of. Balance transfer credit cards are designed to help you save on interest charges within a specific timeframe, so they might not be the best choice for buy now, payment plans which don’t have interest charges initially. Additionally, you can transfer your balance up to as high as the card’s credit limit allows, and there’s typically a fee charged for the amount that you transfer, usually between three and five percent. Compare the potential buy now and pay later charges against these factors. The process and terms will differ among the credit card companies that allow this, so be sure to ask what to expect. Wells Fargo, for instance will permit a balance transfer to pay for a purchase now, pay later debt. “The most popular method involves transferring balances from another credit card issuer into your Wells Fargo account to save on interest charges,” Sarah DuBois, a Wells Fargo spokesperson, said via email. “If there is an issuer that isn’t technically considered a retail or bank credit card issuer customers have other options for how to benefit from their balance transfer offer (i.e. using a balance transfer cheque that is generally issued as part of an discount).” When a credit card issuer offers an option to transfer balances in the form of a check, your ability to utilize it could dependent on your lender’s capability to accept the payment method. 5. Consider the pros and cons of a personal loan The personal loan can consolidate multiple loans into a single monthly payment that has a low interest rate over a designated period. If the money is transferred to your bank account, it’s possible to use them to pay any lenders, including buy-now, loans that pay in the future. A credit score that is good could qualify you for a lower interest rate. But again, it’s not ideal to pay off debt with credit, and it’s therefore important to calculate whether the proposed interest rate is a savings with the potential fees for buy now, pay later plans. If the buy now, pay later plan does not charge interest or fees, the option of paying it off using the aid of a personal loan might not be the best option. But it might be worth taking the loan to consolidate debts , if you allows you to free up cash to pay off buy-now or payment later programs. The article is written by NerdWallet and first written through The Associated Press. About the writer: Melissa Lambarena is a credit card journalist at NerdWallet. She has had her work highlighted in The Associated Press, New York Times, Washington Post and USA Today. In a similar vein… Discover the perfect credit card that is right for you. Whether you want to pay less interest or earn rewards, the perfect card is available. Just answer a few concerns and we’ll refine your selection for you. Dive even deeper in Credit Cards Get more smart money moves delivered straight to your inbox. Sign-up and we’ll email you Nerdy articles about the financial topics that are important to you as well as other methods to help you make the most from your money. Take all the appropriate money moves

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