Dr. Michael Walden

Dr. Mike Walden

“Buy now, pay later” offers have been gaining popularity, especially among young people. They offer a quick and easy way to obtain what you want now. About half of households now use them. But what are the ramifications, and what do they mean for your long run financial health? In short, are the programs a good financial decision, or should they be avoided?

Borrowing is not new in the economy. Consumer loans became popular in the 1920s due to dramatic changes in lifestyles. The economy was booming, household incomes were rising, people were moving from rural areas to cities, electricity was becoming more common, and the availability of electricity led to the emergence of refrigerators, washers, dryers, vacuums, radios, and numerous other consumer produ

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