The cost of buying now, paying later
Kiwis spent about $1.7 billion last year through buy now, pay later services but there are concerns the payment services could be fuelling addiction by allowing alcohol purchases. Concerns are also rising that people on the poverty line are using the services to pay for everyday essentials such as food, due to the spiralling cost of living. Buy now, pay later (BNPL) services allow users to make purchases on credit and, usually, 25 per cent of the total price is paid up front and the rest in three timed instalments. They do not charge interest, but users may face late fees if they do not keep up with payments.
Buy now, pay later schemes need to be banned.
— Mark Y How is it that this wasn’t captured under the credit legislation already? Loan sharks and door-to-door vendors caught but not buy now, pay later? It’s all credit so should be captured and regulated.
— John W BNPL was initially all about wants. Now it is about needs. How on earth has this transpired? Buying grog on Afterpay is a shocker. In addition, it is causing mayhem to established banks and finance houses as they can no longer categorise as debt. It is now more often than not living costs. And morphing into payday loans.
— Jodi O This appears to be one of the better “credit” systems on the market. But, there should be more limits on just who can use it and some purchases need to be off limit, such as alcohol,
cigarettes and gambling.
— Alexander M Are supermarkets offering pay later schemes?
— Robert S The Labour government wants to control everything again. First, the Credit Contracts and Consumer Finance Act and now buy now, pay later. I suppose as soon as they couldn’t lock people down physically, they want to control them financially. In this case, we have a minister who struggles to control himself leading the charge.
Ferncliffe Farms
— Duane M
The Government’s winning $70.4 million offer for rural land known as Ferncliffe Farms trumped
private sector bids because it constituted a “huge up-front payment” with no conditions to mitigate risk, sources close to the process have told the Herald. The 95-hectare rural property on the fringe of Tauranga City requires rezoning by the local council before it can be developed for housing.
Oh well, it’s okay. It’s only taxpayer money.
— Robert B Just some advice to anyone intending to sell some land. Make sure you offer it to the Government first as you are bound to get an offer you can’t refuse.
— Colin B Another day, another week, another civil service department wasting taxpayer money. Another minister supports them. Absolutely no accountability, the arrogance of the civil service, both central and
local government knows no bounds.
— Eric E
So if rezoning does not happen they have bought the most expensive piece of swamp in New Zealand?
— Anna S
The bottomless pit that is taxpayers’ money. The 2023 election simply cannot come soon enough. I would vote for plankton over this lot.
— Brendon C
Republished comments may be edited at the editor’s discretion.