I am Bob Average Millennial | Gen Z shopper. I have never experienced the need to step into the corner bank – I got a $500 entry-level credit card in college, forgot to pay for a novelty purchase, and have refrained from using it since. I live in a world of Wealthsimple Cash and KOHO Cards.

I have multiple abandoned checkout baskets littering the web. Payment paralysis hit me when I consider how the fee will dent my monthly budget.

Buy Now Pay Later (BNPL) has become a convenient lifestyle option for me: Instead of having to pay the entire cost upfront at checkout with a credit card that will penalize me 20 points if I fail to pay by the end of the month, I can split the payment over a few months with no interest.

(It is as if my credit card was dating my debit card and they had a super-cool baby.)

Like any financial decision, my mom says I need to develop good financial wellness skills.

With multiple BNPL purchases:

1. I can lose track of the payments and incur penalties
2. Risk draft fees if payments are automatically pulled
3. Delinquent payments could impact my credit score
4. Prompt payment may not help improve my credit score

However in a changing world where the financial custodians are no-longer bricks and mortar on the corner of mainstreet, BNPL is one of many digital friendly solutions. Having the option to buy a pair of jeans or a phone in bite size payments is a convenience if well managed.

Sincerely,