#Buy now pay later groceries full
I always buy everything when it’s on special so I never pay the full price. “My kids would miss out on a lot if I didn’t have Afterpay, I’m able to clothe them, put shoes on their feet … it’s a huge asset for me. The beneficiary said she had to choose “what to pay and what I can’t pay” when it came to bills such as power and groceries. Solo mum Alicia Attwood said her children would miss out on sports and school camps without Afterpay.
However,major player Afterpay said it contributed $1.3 billion in GDP to the NZ economy in 2022, it was safer than other forms of credit as its late fees were capped at $68 or 25 per cent of the original order value.Ĭonsumers who use BNPL products can get access to goods or services now, but pay for them later in a series of interest-free instalments.
More families crippled by the rising cost of living are turning to buy now, pay later arrangements for meat and groceries, while a solo mum says her children would miss out if she did not use it for essentials.Īnother mother paying $200 a fortnight told NZME she felt it encouraged bad spending habits, and a budget adviser said one client racked up $3300 of debt at one time.Ĭonsumer NZ said it was concerned about people using credit cards to meet payments, while the latest quarterly data from the Retirement Commission showed use of buy now, pay later (BNPL) products was up from 21 per cent to 26 per cent - the highest since it started recording at the beginning of 2021.
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