Diana says....
Personally, I’d run the other way when it comes to Buy Now Pay Later. It’s more like Buy Now Suffer Later if you don’t have the money. I think most of us are optimists and believe we’ll have more money next year. It usually doesn’t happen—unless you inherit a windfall. It’s too easy to rack up debt in the future with a Pay Later plan. Most likely, by the time the first Pay Later bill rolls in, you’ll have other expenses that will need to be dealt with. So hold off and save up for an item until you can pay for it in cash, or at least be able to pay off the bill within a month.

Diana Cawfield is an award-winning financial writer with more than 10 years experience. Send her your questions here.