Off I went to all the usual haunts Glenelg, Harbour town, Rundle Mall. After a while I began to notice a sign in the shops that said buy now pay in three or buy now, pay later and at first I just brushed it off but I noticed that it was beginning to appear in many clothing outlets at what I believe to be at alarming rates.
I remembered a conversation I had with a client about 7/8 months ago how she had joined an online marketing scheme that allowed her to buy clothing and pay in instalments a little bit like lay buys but she could have the items of clothing now and I wondered if that is what had triggered this – just that on line competition so they had started to introduce it into the shops.
I really would like to issue a warning about this as I think that it could produce problems especially amongst young people and I say young people because our young people have grown up with a world filled with credit and a seemingly fictitious thing called money that operates in cyber space and I think that this is one more thing that might lure them and the rest of us into buying something extra that we really didn’t intend to buy because we can “pay for it later”
We have discussed in the past the dangers of interest free and buying now and paying later and I have said that it is far better to save for an item than use those facilities as we will often make those decisions to commit to a set payment plan based on what we know of our financial position today but in the past when we spoke of those things we were talking about fridges and cookers and couches…things that are expected to last for a few years. Clothing in some people’s hands are items that are worn once or twice . In fashion this week out of fashion the next. I am just concerned that it is one more thing that will cause both young and old to over commit and get themselves in a mess financially.
So I am asking that we all think very carefully before taking advantage of this scheme and maybe take the time to discuss it with our young people so that we don’t fall prey to what could be a financial trap.