Is a Buy Now, Pay Later plan good for you? [Video]

(InvestigateTV) — Bankrate reports that 39% of U.S. adults have used Buy Now, Pay Later (BNPL) options when making a purchase.

Buy Now, Pay Later is a short-term loan that allows people to pay for a purchase over time in installments.

BNPL is a popular alternative to credit cards, but Gloria Garcia Cisneros, a wealth manager with LourdMurray, said just because buy now, pay later is easy doesn’t mean it’s always the best choice.

She said consumers need to take a hard look at their budget and see if they can really afford these monthly payments and ask themselves if it would strain their finances. Even if it is zero percent interest initially, that purchase may not realistically be within their means.

“Sometimes we don’t know when bills are hitting and to just making sure it’s aligned with your payment schedule and when direct deposits hit to avoid any overdrafts,” Cisneros explained. “Just making …