Are buy now, pay later plans eligible for debt forgiveness?

You need to know the realistic debt relief options you have if you're behind on a buy now, pay later plan. Getty Images

If you've shopped online recently, there's a good chance that you've encountered the checkout screen flashing with an offer to split the price of your purchase into four (or more) easy payments. No interest, no hassle — just click and buy. These consumer-friendly options, offered by buy now, pay later services like Klarna, Afterpay and Affirm, are marketed as a low-cost alternative to credit cards and other short-term, high-rate borrowing options. And, given the benefits they provide, these financing options have surged in popularity over the last several years.

But what started as a convenient way to spread out clothing and electronics purchases is also crea