Buy Now Pay Later – It Is A Debt

For years the banks have enticed us to fall into the shit hole of debt by offering 0% Installment Plans and 0% Balance Transfer with credit cards.

Most of the 0% installment plans are for non-durable expenses which means it encourage one to go into debt because they keh khiang thinking it is FREE Money (0% Loan) but they don’t realize that it is a debt. These people will start of with a 0% installment plan (say iPhone), and once they get “Shiok sendiri” sensations from the non-durable item, there are hooked! They will then use again the 0% Installment Plans and/or 0% Balance Transfer Pan for many more shiok sendiri sensations (e.g. TV, holiday and the really stupid ones handbags for gf who most probably be someone else’s wife and etc) and eventually can’t dig themselves out of the shit hole, where most of their disposable income will be used to pay the 0% Installment plans leaving them nothing to save for retirement or when shit happens (e.g. flood).

And the moment one cannot pay in full their credit card Statement Balance prior to the Due Date, they are imposed freaking high interest rates by the credit card issuers (legalized Ah Long); therefore one then becomes a slave to the banks (the banks do not need to pay them salary to earn the banks more money) and poorer by the day (because of the daily interest charges).

If you are new to my blog, click here to read my article titled 0% Installment Plan Is A Trap – CC 164.

Over the years, many have thanked me for highlighting to them about the dangers of 0% Installment Plans and many have stopped using them after realizing it caused them to have the impression they have more money than they should have or be in debt and can’t pay in full the Statement Balance before the due date.

And today, many of my followers have gotten smarter as they are no longer bothered with 0% Installment Plans because they know it is a debt instrument to entice one to spend beyond their means. The thing is this, if you think using debt instruments is good – you are a fool and it will be a matter of time before you will end up in the shit hole and can’t climb out of it.

For years I have been telling everyone – if you do not have money in the bank equivalent to the item you are purchasing with 0% Installment Plans, it means you are spending beyond your means!

And if you think university graduates are smart enough not to fall into the shit hole of debt, you are wrong!!!

Only those who have been educated by GenX GenY GenZ are super smart to earn FREE Money from Credit Cards, eWallets and Apps but more importantly they are taught not to be tricked into the shit hole of debt 🙂

Pay Later

First of all, Buy Now Pay Later is a debt instrument.

And once again, if you do not have money in the bank equivalent to the item you are purchasing with Pay Later, it means you are spending beyond your means!

Did you know that merchants that accept Pay Later may be imposed fees higher than credit cards! If you think it does not effect you, then you are wrong. Because the merchants will then have to increase the price of their items to cover the cost of the fees!

Last year, many Apps have been enticing us to use their Buy Now Pay Later schemes. And to entice you to fall into the shit hole of debt and to make it a habit to use Pay Later, some of these Apps will offer you FREE Money!

Last year Grab App offered many cash back promos with their PayLater and I even produced an article on how to benefit from it. I will once again repeat what I said about Grab Pay Later:

There are 2 Grab PayLater options.


When you select Postpaid, you will need to pay the amount in full within 1 month. What this means is you can even pay it immediately or tomorrow to settle the debt in full!!!

I am okay with this as I can pay off the debt instantly. I am utilizing Pay Later purely for the purpose of the FREE Money!!! Else if I can use my AMEX I will definitely use it to earn more than 3X GrabReward Points.


When you select this option, the payment will be split into 4 installments. If you like to be in the shit hole of debt, select this option.

Not all Buy Now Pay Later are the same. Some Pay Later Schemes imposes interest and some have admin fees and some both.

Whatever it is, just listen to me, do not sign up for any Buy Now Pay Later as it is a debt instrument to make spend beyond your means and/or make you poorer.

Govt to regulate ‘Buy Now Pay Later’ schemes

Click here to The Star to read Govt to regulate ‘Buy Now Pay Later’ schemes with proposed Consumer Credit Act, Dewan Rakyat told

It is good that the government of Malaysia is taking actions on Buy Now Pay Later. But if you ask me, the government should have a total ban on Buy Now Pay Later schemes so that not a single Rakyat will fall into another shit hole debt!

From The Star article above:

“Even though they state the BNPL has zero percent interest, there are still various charges such as processing fees, administration fees and late charges if late payment is made,” he said.

“Instalment payments must also be made in full and on time as agreed to avoid penalty charges,” he said.

He also warned Malaysians that their credit ratings could be affected if they fail to settle their installments as certain BNPL operators could report to credit reporting agencies.

In respect to the above paragraph, you better not sign up for any Buy Now Pay Later scheme even if you have more than enough money in the bank to pay for it because if you forget to make a repayment, your credit score will be affected!!