Buy Now, Pay Later (BNPL) services has gained popularity over the past few years, offering shoppers the ability to take home products immediately while postponing payments to the next month or breaking them into EMIs. While this might seem like an easy way to afford things, it can quickly turn into a dangerous cycle of debt - for both youngsters and adults.

For youngsters, BNPL feels like an easy way to own the latest gadgets, fashion, or accessories without paying the full price upfront. However, this convenience often leads to impulsive spending. Since the payments are split into smaller instalments, many people don't realize how quickly these add up. Before they know it, they're juggling multiple payments, making it difficult to manage finances and exposing them to late fees or high penalties.

Adults face similar risks. During tough times, BNPL can feel like a lifesaver for buying essentials or indulging in small luxuries. However, the danger lies in accumulating multiple BNPL loans without considering future expenses. Over time, a significant portion of their income gets consumed by these payments, leaving little room for savings or emergencies.

The biggest problem with BNPL is that it creates an illusion of effortless spending - until reality strikes. Unlike credit cards or bank loan services, the BNPL services might not do proper credit checks, making it easy for people to borrow more than they can realistically afford. When payments are missed, late fees and penalties further deepen financial strain.

To avoid falling into this trap, it's essential to approach BNPL like any other form of credit. Ask yourself: "Would I still buy this if I had to pay full price upfront?" If the answer is no, consider saving up instead of borrowing. Financial discipline and mindful spending are the best safeguards against unnecessary debt.