“Buy now, pay later!” is the slogan used by retailers to attract consumers towards financing offers, which make consumer goods seem more affordable. There are a range of options for deferred payments, ranging from payment becoming due after purchase, payment in instalments or paying by credit card. If you are already short of money, you should exercise caution. However attractive deferring payment may sound, it can quickly lead to payment arrears, and then becomes a problem.
The Austrian Financial Market Authority (FMA) provided information and tips about deferred and late payments in its new “Smart & Simple” video series for consumers. The video explains about the different financing models, as well as the hidden risks involved. The video (in German only) can be found on the FMA website at: https://www.fma.gv.at/kredit/konsumkredite/.
The FMA’s “Smart and Simple” series uses brief explainer videos to provide financial knowledge, and therefore takes a preventive approach. This series complements the FMA’s established consumer information series “Let’s talk about money”. The latter also contains useful information about the issues of online consumer loans, payment difficulties and much more.
Journalists may address further enquiries to:
Boris Gröndahl (FMA Media Spokesperson)