Wasteful Spending the Buy now Pay later Philosophy

The “buy now. pay later” philosophy was developed to encourage individuals to spend money even if they did not have it. This message conveys that it is alright to use “credit” to buy items. However, there is a downside to this philosophy.Purchasing and item “now” is not always the best choice. This principle goes against “delayed gratification”.

In the last 20 years, this philosophy has essentially convinced millions of people that it is ok to buy something they can not afford. What a bad message to communicate. This is the reason for so much credit card debt now. People are buying things they can’t afford because they think it is fine. The commercials on television constantly convey messages that it is fine to use loans to buy cars and attain computers. In some cases, the companies say ” bad credit and no credit is no problem.” Well, I’ve got news for you. It is a problem and it has spiraled out of control. More people are living on credit that liquid money. What does that tell you?

People are amassing more debt than wealth. Something is wrong with this picture. As a result the economy has suffered. People with B.A.’s and Master’s still have financial problems because they graduate with more debt than money in the bank. They start off on the wrong foot. This prevents them from living the life they want.

When a person buys now and pays later, they make a deal with the devil financially. Basically they connect themselves to a borrower for a certain amount of time. They sacrifice their future for the present. This should not be the case, however, many are willing to do just that.

Lack of information and impatience leads to this behavior. The information being projected is not in the best interest of the person watching the commercial, rather in the best interest of the company selling. They are in it to win. That has nothing to do with the customer. So, if a person wants to avoid the financial trap, they must be wiser and know more than the companies do.

To combat the “buy now, pay later” principle a person should educate themselves about money. They should save more than they spend and make financial success a constant lifestyle. Every decision they make should be about enhancing the future, not the present. If they put themselves in the mindset of 10 years later, they will be able retain their focus and avoid getting into this type of trouble. It will not have a hold on them.