Latasha Transrina KebeUNWINEWITHTASHAK · Influencer

Buy Now, Pay Later Worse Than Student Loans

Name: Buy Now, Pay Later Worse Than Student Loans
Uploaded: 2025-07-17T18:31:10+00:00
Duration: 1 min 39 s
Channel: Latasha Transrina Kebe
Description: In this conversational video, the speakers discuss the growing impact of buy‑now‑pay‑later (BNPL) services such as CareCredit and Afterpay. They note…

17 Jul 2025 · 2 min

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1:39

In this conversational video, the speakers discuss the growing impact of buy‑now‑pay‑later (BNPL) services such as CareCredit and Afterpay. They note that these providers are beginning to report repayment activity to credit bureaus, which will soon reveal the massive, previously hidden BNPL debt pool. The dialogue highlights how consumers, especially young adults with little or no credit history, are “stacking” multiple BNPL plans to purchase luxury items—Gucci bags, Louis Vuitton purses, Rolex watches—that they could not afford otherwise. While the services appear easy and cost‑free, missed payments trigger substantial fees, interest, and can double or triple the purchase price. The speakers also touch on legal remedies, explaining that such debts can be discharged in Chapter 7, 11, or 13 bankruptcies, but the financed assets may be listed and potentially repossessed. Overall, the conversation frames BNPL as a riskier, more burdensome form of credit than student loans, especially for inexperienced borrowers.

Chapters

Let's move on to the CareCredits, the Afterpays. We just got word that they are now going to start reporting to the credit bureau.
So these buy now, pay later loans, they make things really easy. And at first, I don't think they were an issue. But what's happening now, people are stacking them, right? So when you have— when you're putting your budget together, they say, oh, I could do this buy now, pay later, I could afford this amount. But then they keep stacking them and then $30, $50, $90 a month starts becoming a car payment, $300, $400, $500 per month. I can't wait to see what the actual figure is because once they report, we'll know how many billions of dollars worth of buy now pay later debt is truly out there.
I mean, people are buying like Gucci bags, Louis, I mean, shit that they just normally would not buy because you don't have that kind of money and credit cards won't give you that limit, especially if you're— but for my daughter to be out there right now with no credit, right? She's 18 and they buy now pay her, says, okay, we're going to We'll give you a Louis Vuitton purse or, you know, Rolex watch or anything and just pay us later without even verifying it. That, that is a setup. That's a setup. That's worse than student loans.
For sure. And you know where it's coming from. The retail industry loves it, right? Because it's opening them up to a whole different audience that would never be able to afford these products. And they make it so easy and it looks like it's free. But unfortunately, when you don't pay later, you get hit with so many charges and interest and fees on top of it that you'll end up paying double or maybe triple for that purchase.
But luckily for you, Chapter 7, Chapter 13, Chapter 11, you can bankrupt all of that.
All of that can be bankrupt. But if you did buy that Gucci or Louis Vuitton purse, they may take that Louis Vuitton or Gucci purse. So make sure if you're buying these things with buy now, pay later, that you're listing them on your schedules because they will have that list.
Oh, wait a second. I see that there's a $2,500 purchase of a purse here, but you list you have any purses.
So be careful with that.