Buy Now Pay Later (or "buy now pay later") services are becoming increasingly popular in Indonesia. Platforms like Shopee PayLater, GoPayLater, and Kredivo offer the convenience of shopping with fast installments without a credit card. This convenience is a practical solution, especially for younger generations looking to manage their monthly cash flow.
While beneficial, using buy now or pay later still carries risks. Without wise management, small debts can pile up into a financial burden that's difficult to manage. The Financial Services Authority (OJK) reminds the public to always consider their repayment capacity before taking out installments to maintain their personal financial health.
One wise way to utilize buy now or pay later is to use this service only for productive or urgent needs, not just for a consumptive lifestyle. Furthermore, it's important to always track your ongoing installments, limit the number of transactions, and ensure payments are made on time to avoid penalties.
With good financial literacy, buy now or pay later services can be a tool for managing your finances, not a debt trap. The key is discipline, transparency in recording expenses, and prioritizing needs over wants. This is crucial for the future.
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