Dear Brothers and Sisters,
In recent years, a new trend that encourages consumerism has emerged, that is, Buy Now Pay Later (BNPL). Let’s look into this in more detail.
In many countries, BNPL is ballooning. I was told that debts are piling up from BNPL in Singapore as well.
Spending future money is already bad enough with credit cards. However, there is usually a limit because there is a pre-approved credit limit.
With BNPL, spending can easily spiral out of control. Initially, you may just buy some small items and use BNPL. The monthly instalments may still seem manageable.
However, over time, one continues to buy more things, and the monthly instalments can eventually balloon into an amount beyond one’s repayment capability.
BNPL encourages easy and impulsive spending because people tend to focus only on the amount of the first payment while forgetting all the other monthly payments they have already committed to previously.
It is a dangerous way to spend.
The Bible reminds us in Proverbs 22:7: “The borrower is slave to the lender.”
Debt has a way of quietly controlling a person’s peace, freedom and future. What begins as convenience can slowly become bondage if there is no discipline and wisdom.
As believers, we must learn contentment and self-control. Not everything we want today needs to be bought today. Sometimes the wisest decision is to wait, save up and purchase only when we can truly afford it.
I hope that the authorities can impose some forms of control to prevent BNPL from ballooning further out of control.
May the Lord grant wisdom to all who are considering BNPL. Think twice before using it.
Peace and joy always,
David Poh
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