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5 Strategies to Pay Off Purchase Now, pay later debt advertiser Disclosure You’re our first priority. Every time. We believe that every person should be able to make sound financial decisions with confidence. Although our site doesn’t feature every company or financial product that is available in the marketplace however, we’re confident that the advice we provide and the information we offer and the tools we develop are objective, independent, straightforward — and cost-free. So how do we make money? Our partners compensate us. This can influence the products we write about (and the way they appear on the site), but it doesn’t affect our suggestions or recommendations, which are grounded in thousands of hours of research. Our partners cannot promise us favorable reviews of their products or services. . 5 Strategies to Pay Off Buy Now or Pay Later Debt If you buy now, but bill payments due later take a look at these strategies to plan your strategy for getting out of debt. Written by Melissa Lambarena Lead Writer | Credit cards and loans Melissa Lambarena is a lead writer for the credit card team of NerdWallet. She has enthusiastically covered the subject of credit cards for more than six years. Her prior experiences include nine years of experience as a content creator for several sites and publications. Through her work, she hopes to assist readers in extracting value from credit cards to meet financial goals like stretching their budget, building credit, traveling to dream destinations, and repaying debt. She focuses on these subjects as well as others in her Millennial Money column featured in The Associated Press. Her writing has also been featured in The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor’s degree of sociology, from The University of California, Los Angeles. Jan 13, 2023 Edited by Kenley Young Assigning Editor | Credit scores, credit cards Kenley Young directs daily credit cards coverage for NerdWallet. Previously, he was a homepage editor and digital content producer for Fox Sports, and before being a front-page editor at Yahoo. He has decades of experience in digital and print media. This includes stints as a copy desk chief as well as a wire editor as well as metro editor for McClatchy. McClatchy newspapers chain. Email:

. A majority or all of the products we feature are made by our partners who pay us. This influences which products we feature as well as the place and way the product is displayed on a page. However, this doesn’t influence our opinions. Our opinions are entirely our own. Here is a list of and . It’s likely that your ” ” bill due to the holidays will be arriving in the near future or already made its debut. If you’re not financially prepared to pay it charges for late fees, or any other charges can bury you deeper in debt. The situation can alter in a matter of weeks through unexpected financial challenges like unemployment, unexpected bills or family emergency, among other circumstances. When you’re struggling financially because of the pay-in-four buy-now or pay later plans- and possibly other debts — it’s essential to develop a plan to pay down the balances. Here are a few alternatives to think about as you plan your escape of debt. 1. Check your budget and cut out unnecessary expenditures or exchange services for lower-cost alternatives. Cancel unused subscriptions, for instance, or choose an affordable streaming service. If you’re struggling with debt from credit cards which could take anywhere from three to five years to pay off, you should consider speaking with an accredited nonprofit credit counseling firm to consolidate some balances into a single low-interest payment. It is important to note that accounts that are enrolled in the plan are typically required to be closed, which could impact your financial situation in the short-term. 2. Change the date of your due payment Some lenders , such as Klarna and Afterpay permit you to alter the date of payment or request an extension. Klarna customers who take advantage of a pay-in-four loan may extend the date for a payment for each order for a period of 14 days according to the website of the company. Afterpay may provide more leeway by allowing modifications to the payment due date as often as six times a year through the application, according to Amanda Pires, a company spokesperson. Different policies from lenders and you should read the plan’s guidelines or speak to your lender for advice on your options. 3. Contact lenders regarding difficulties if a financial problem or emergency prevents you from making payments then the buy now, pay later lender may offer some relief. Large buy-now pay later lenders that offer hardship policies usually recommend that you contact customer service as quickly as possible about hardships. “Affirm users experiencing financial hardship can contact us through our help desk so that we can assist them to identify an available repayment option that best meets the individual requirements of each,” Casey Becker, a company spokesperson, said via email. The terms vary for each lender. 4. Consider a balance transfer credit card If you have good credit (a FICO score of 690 or higher) A few issuers may offer to be used to pay for buy now, pay later debt. It could save you time should you be struggling to meet a schedule’s payment deadlines, however, there are a few things you need to be aware of. Credit cards that balance transfer are designed to help you reduce interest costs for a specified time period and therefore they may not make sense for certain purchase now, plan to pay in the future that doesn’t have interest charges at all. Plus, you can move your balance up to as high as your credit limit allows. There’s also chargeable fees on the amount you transfer generally between three and five percent. Compare the potential buy now and pay later charges against these elements. The procedure and the terms differ among the credit card companies which allow this, so make sure you know what to expect. Wells Fargo, for instance will allow a balance transfer to pay off a buy-now and pay it off later. “The most commonly used method is to transfer balances from a different credit card issuer into your Wells Fargo account to save on interest,” Sarah DuBois, a Wells Fargo spokesperson, said via email. “If there’s a creditor that is not legally categorized as a retail or bank credit card issuer customers do have other options for how to benefit from the balance transfer option (i.e. by using a check for balance transfer that is generally issued as part of an discount).” When an issuer of credit cards offers the option of transferring balances that is in the form of an actual check, your capability to make use of it will dependent on your lender’s ability to accept that payment method. 5. Be aware of the advantages and disadvantages of the personal loan A personal loan allows you to consolidate several debts into a monthly fixed payment with a low interest rate over a specific time. If the funds are sent into your bank account, it’s generally possible to make use of them to pay creditors, including buy now or pay later lenders. A good credit score may qualify you for a lower interest rate. However it’s not a good idea to pay off debt with credit, so it’s important to consider whether the interest rate is a savings with the potential fees for buy now, plan to pay in the future. If the buy now, pay later plan doesn’t charge any fees or interest, then paying it off with the aid of a personal loan might not be the best option. But it might be worth using the loan to consolidate other loans, especially if it allows you to free up cash to pay off buy now or pay later plans. This piece was written by NerdWallet and was originally released through The Associated Press. About the author: Melissa Lambarena is a credit cards journalist at NerdWallet. Her work has been highlighted on The Associated Press, New York Times, Washington Post and USA Today. Similar to… Discover the right credit card for you. If you’re looking to lower your interest rate or earn higher reward points, the right card is out there. Just answer a few questions and we’ll narrow down the search for the right card for. Explore even more in credit Cards Get more smart money moves delivered directly to your inbox. Sign up and we’ll send you Nerdy content on the financial topics that matter most to you and other strategies to help you make the most out of your money. Make all the right money moves

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