5 Tactics to Pay Off Buy Now, Pay Later Debt

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When you’re feeling the financial squeeze of those buy now, pay later plans — and possibly other debts — it’s important to create a plan to pay down balances.

buy now, pay laterIf you’re not financially prepared to pay up, late fees or other charges can bury you deeper in debt. Circumstances can change over a matter of weeks through financial setbacks like unemployment, an unexpected bill, a family emergency or other events.

If you’re also struggling with credit card debt that may take three to five years to pay off, consider consulting an accredited nonprofit credit counseling agency about a If a financial setback or emergency keeps you from making payments, the buy now, pay later lender may offer some relief. Balance transfer credit cards are designed to help you save on interest charges for a designated time frame, so they might not make sense for certain buy now, pay later plans that don’t charge interest to begin with. Plus, you can move a balance only as high as the card’s credit limit allows, and there’s typically a fee charged on the amount you transfer, usually between 3% and 5%. Compare potential buy now, pay later costs against these factors.

 

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What's the best way to pay off credit-card debt — pay off the smallest debt first, or tackle the highest interest rate? Finally, an answer.You can choose either the snowball, paying off the smallest balance first, or the avalanche method, prioritizing your debts by interest rate.
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