You should likely avoid using Apple Pay Later, which is now available

Photo Credit: PYMNTS.com As a convenient method of making payments for purchases made on Apple devices via websites, apps, and physical places, Apple Pay has been available for a while. Currently, Apple Pay Later is a function that allows you to split any purchase into numerous installments. The Mastercard Installments program administered by Goldman Sachs handles the actual sales, while Apple Finance, a division of Apple, manages the service. Apple states that "customers' transaction and loan history is never shared or sold to third parties for marketing or advertising," yet starting this fall, Apple Finance will begin reporting loans to U.S. credit bureaus, meaning they will be represented in the financial data that keeps getting hacked. How late fees function were not mentioned by Apple. Photo Credit: TechTelegraph When using "buy now, pay later" (BNPL) services like Apple Pay Later, Zip payments in Microsoft Edge, and similar ones, you should exercise extreme caution. It can be challenging to coordinate payment schedules for several purchases on top of your regular payments because they are intended to encourage purchases that you would not otherwise be able to make. Also Read: Apple Pay to Rival Samsung with Debut of Hyundai Card in South Korea According to a DebtHammer poll conducted in 2022, 22% of consumers who used BNPL services to make purchases later regretted their choice, and 30% claimed they had to forgo other obligations in order to pay their expenses. According to a similar poll performed by CreditKarma in 2021, 34% of the sample fell behind on one or more payments, and 72% of that group felt that it had a negative impact on their credit score. It's normally preferable to stay away from services like Apple Pay Later completely, despite the fact that they could seem handy and a little bit alluring. Maintaining financial stability is challenging enough; adding extra debt simply makes it more challenging.