Manage episode 302314169 series 2112440
The Financial Conduct Authority (FCA) is concerned that easy credit offered by buy now pay later companies (BNPL) like Klarna and Paypal will add to the debt crisis.
Millions of people in the UK are using BNPL credit at rates as high as 30% pa (or 300 times the base rate) to buy consumer crap that goes down in value while the size of their debt goes up.
£14 billion of goods bought using BNPL freon January to March.
If you can’t afford that gadget or item of clothing, don’t buy it!
Instead of BNPL, use SUBL or SAVE UP AND BUY LATER!
The first step to building wealth and turning your finances around is financial education.
Millionaires and millionaire habits have been studied and documented at academic levels for the last hundred years. Bestselling books, like The Science of Getting Rich and Thinks and Grow Rich, were written almost a century ago. I have also published my own book on how people get wealthy and how some lose it all - Yes Money Can Buy You Happiness.
We know exactly what the millionaire and billionaire habits and traits are, as success leaves tracks. All you need to do is follow their tracks to become wealthy and financially free!
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