Why I'll Never Use 'Buy Now, Pay Later' for a Pizza

I am undoubtedly the target audience for DoorDash's new controversial partnership with Klarna, which allows customers to pay for items on the platform in four installments. There was a time when taking a loan out for pad thai would have tempted me. It would have also gotten me into trouble. Ordering food online has always been my go-to guilty pleasure, and cutting it from my budget was one of my first personal #recessionindicators. Klarna and other Buy Now, Pay Later services might seem like a smart way to finance things we can't afford, especially because most of these plans don't charge interest. But that appeal is precisely why they can be insidious. Being able to pay a small amount now and the rest later can make it easier to hit that "order" button. Humans are excellent at focusing on the here and now and discounting the consequences down the line. When announced, the DoorDash-Klarna deal got a fair dose of criticism, with online memes deriding "burrito bonds" and "eat now, pay ... Read full article.