It’s so easy to buy things you can not afford

Apple comes with the option to spread the word. Buy now and pay later, but without interest. It’s good, but it’s dangerous.

Apple Pay Later: Buy what you can not afford

A notable announcement on the WWDC is the Apple Pay letter for iOS 16. You can pay with Apple Pay wherever you want and activate Apple Pay soon. This means you do not have to pay the full purchase amount immediately, but you will pay in four installments over the next six weeks. You start with the first part and pay for another part every two weeks.

Installment payments are not new. Certainly not in the US where there are dozens of applications with this feature. This is also possible in the Netherlands with credit cards or credit, but you usually have to pay interest. This means you will pay more than you would pay at once. You know: ‘Pay attention! Borrowing costs money ‘.

Apple does not. If you buy something with an Apple Pay letter, there will be no interest or other additional costs and you will be more expensive. This makes the Apple Pay letter very interesting.

Don’t wait any longer

If you want to buy something and you do not have the money immediately, you do not have to wait long with the Apple Pay letter. It is better to know how much money will come in the future and what can be spent.

However, not everyone is very organized. It is very attractive to buy expensive item, at that time you have to pay only a quarter of the amount. The new MacBook Air is on sale for 19 1519, but you only have to pay 3 380 to get a laptop at home with the Apple Pay letter. Products seem cheap, so chances are high you will buy something you can’t really afford.

You see this as a problem for you in the future, but you do not know what will happen in the future. What are the unexpected expenses for you in the coming weeks and will your money arrive on time. Suddenly the debt and money were gone.

In the few weeks since the purchase, it looks like you have more money in your account than you can actually spend because you still have to pay off the Apple Pay Later loan. Thus it is likely to cost more. Maybe the debts will accumulate again through the Apple Pay Later.

Better than competition

Is it bad that Apple offers this option? After all, it’s a better way than a shady party that charges high interest. Apple Pay is a secure payment service where your data is kept private. Unlike other services. In that sense, I’m glad Apple brought this to a decent consumer.

But because Apple Pay is so simple, it makes it so much easier to get yourself into debt. Especially if you are a little younger you may not always be able to properly evaluate financial matters.

Once the option is available, it is wise to remember that it is better not to pay in installments if you are not able to pay it in full at that time. But the best advice is: save first and then buy.

More about Apple Bay

You can use Apple Pay on your iPhone, Apple Watch or Mac if you have the right bank. We explain how to set up Apple Pay. We also tell you how secure Apple Bay really is.