MoneyWise Live


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The Perils of Paying Later

November 7, 2018

Those ads shouting "Buy now, pay later!" or "12 months interest free!" always sound like a great deal. You get what you want now and you can forget about making a payment or getting hit with interest for awhile anyway.  But do you have what it takes to come out on top in that deal?  Rob West gives us these perils of charging now and paying later: 

  • Why should we be skeptical about commercials that say we can delay payments and interest charges? Are they not telling the truth?
  • They have a lot of "legalese" in those agreements.  What does it say?
  • Do they add the interest over the period it's "free"?
  • How can we avoid the temptation of “buy now, pay later,” because those ads really are attractive.
  • What’s the spiritual way to avoid this?

Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:

  • Is there a resource online for Christian lawyers?  (Christian legal society
  • If you are presently in a house that has been paid for with a 6% balloon loan with only 2 years to go, should you sell?
  • If you've been solicited for donations to a charitable organization who pays 9 of their Board members more than $200,000 annually, should you be wary?
  • Can you take money out of a 401(k) at age 59 1/2 without penalty?
  • What is a "Grow Up Plan" and is it a good investment vehicle for a child?
  • If you're self-employed and think an emergency fund is a lot of money to be sitting doing nothing, could use it once a year to pay down a mortgage, then build it back up?
  • If you have accumulated three different 401(k) accounts from different employers, is it best to roll all of the previous employer accounts into one account?
  • Can you explain the difference between an IRA and a Roth IRA?
  • If you have recently become self employed and don't have a 401(k) any longer, what are the investment options?

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