Posted on 04/12/2025 7:48:51 AM PDT by Libloather
Small, everyday purchases like a meal from DoorDash are now able to be financed through eat now, pay later options — a practice that some experts deem "predatory."
"You've got to have enough sense to not follow the urge to finance a taco, okay? You have got to be an adult," career coach Ken Coleman told "The Big Money Show," Wednesday.
"This is predatory, and it's going to get a lot of people in deep trouble."
Financial wellness experts are continuously sounding the alarm to cash-strapped consumers, warning them of the devastating impact this financial strategy could have on their credit score as some lenders will begin reporting those loans to credit agencies.
Consumers may risk getting hit with late fees and interest rates, similar to credit cards.
"So your sandwich might show up on your FICO score, especially if you pay for it late," FOX Business' Jackie DeAngelis explained.
Major players like Affirm, Afterpay, and Klarna have risen to prominence at a time when Americans continue to grapple with persisting inflation, high interest rates and student loan payments, which resumed in October 2023 after a pause due to the COVID-19 pandemic.
(Excerpt) Read more at foxbusiness.com ...
What’s funny is that so many people want to pretend that the economy was hunky-dory before Trump’s tariffs.
An economy wherein you’re financing your takeout is GROSSLY unsound.
Exactly.
Ok so it’s not a sandwich can hurt your credit score it’s door dash d head pay later that can hurt your credit score
Idiots
I sell baked goods at a local farmers’ market. I can’t hardly believe it when people ask me if I take cards for a $6.00 box of cookies. The answer is “no”. They want to buy everything on the table? Then we can discuss that option. It is good to know though that not only am I saving myself and them fees but I could be keeping their credit scores from tanking.
I wonder how many people put an $8.00 cup of burned coffee (looking at you Starbucks) on their credit card only to carry the balance over each month with interest.
People are idiots.
Its bad news for small biz, too.
AmEx’s transaction fees are even more extortionate.
If you love your small businesses, use cash.
Use search engines, use AI, use whatever. You can't find it. And why would you want to look at this gross image? Every once in awhile it is appropriaate for a Hillary thread.
BTW, I went to your homepage as I believe you have the number of years we have left before globalwarming kills us all, right?
I considered applying for a store brand credit card, because they offered a $100 credit immediately. I was purchasing a washing machine.
But the application required I install an app on my phone, which I wasn’t willing to do. Reading the terms and conditions, the interest rate was 31%! No wonder they were willing to give a $100 credit to bring in people who don’t read the terms and conditions.
A proposal: the federal government will subsidize up to $2000 a year of financed purchases of individual value < $200, but anyone who accepts any amount of this subsidy forfeits their right to vote for 3 years.
This might be a significant cost savings in the long run…
FR search for ‘years left’, match exact phrase, order by post time. That should bring ‘em up. Current amount of time before the ENTIRE PLANET is doomed - about 5.79 years left.
I use none of the services, including DoorDash, mentioned in the article.
Aren’t those the ones who aren’t paying on their student loans?
predatory? Sheesh ... Sane people can just say no ...
Could you not have taken that money, financed the balance at 31%, then immediately pay off the balance, or at least refinance it to a lower interest rate card and of course delete the app?
A small town some 40 minutes away has just one Starbucks serving a population of over 50,000.
I get amazed at everytime I pass by the line of cars is 10 or more deep.
Even if they can crank out a order in just five minutes, you can at least count on a hour of wasted time in the drive through getting piss poor coffee.
Unreal.
Thanks for your keeping abreast of this. If I believed it, I would adjust my retirement spending so as to be broke at the doomsday hour.
Much like silly cultists who believe false prophets and they sell/give away all they have and go sit on a mountain.
Until nothing happens.
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