Weapons of Moose Destruction


What lurks beneath...

Dec 20, 2022

This advertisement (on the right) popped up on my facebook feed this time last year and I've seen other ads that are similar.

It looks like a life line... it looks like an interest fee payment plan - but you need to be VERY careful when using these services.

Here are 3 reasons why:

1. A credit enquiry - Applying for these services will flag as a credit enquiry on your credit record. This can have an adverse impact on your credit record.

2. If you happen to miss a direct debit/payment (even by accident) it will flag/impact on your credit history.

3. Even if you meet all of your requirements and all of your payments, using Afterpay/Zip will most likely be seen poorly by banks when you apply for a mortgage as these deferred payment options make it look like you can't meet your living requirements.

I know it can be a tough time and getting the kids back to school is expensive but please think through the ramifications of using these services. They use fun, vibrant marketing - they make their service all about the convenience - but remember, there's no such thing as a free lunch and they're not a charitable service.

What looks like a shining light most likely has a darker underlying foundation...
Please be careful. There endeth the lesson...eth...


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