top of page

Patrick Bet-David (PBD) Discusses The Dangers of Buy Now Pay Later Programs"



Introduction:


Americans have reached the $1 trillion mark in debt. In this episode of Financial Advisors, say the darndest things, AB Ridgway exposes the alarming business practices behind the surge in consumer debt. Discover why individuals are falling into the trap of buy now pay later programs and how to avoid financial pitfalls this holiday season.


Key Topics:

  1. Rising Debt Trends: AB Ridgway delves into the staggering statistics surrounding consumer debt, emphasizing the dangers of buy now pay later programs.

  2. Psychology of Spending: Explore the behavioral finance terms that shed light on why consumers succumb to impulsive buying behaviors, such as the sunken cost fallacy.

  3. Comparison with Credit Cards: Learn the distinctions between buy now pay later programs and traditional credit cards, including the implications for consumers.

  4. Business Model Exposed: Uncover the hidden risks and costs associated with buy now pay later models, dissecting the financial motivations behind these schemes.

  5. Control and Consequences: AB Ridgway discusses the far-reaching implications of these programs, from financial repercussions to potential loss of autonomy and control over personal assets.


Powerful Quotes:

  1. "The fact that you are going to leverage the fact that people are in debt in order to shut down their phones, to shut down their assets to their families, all these other avenues that they use to connect to humanity... You are in control of that."

  2. "If you control the water, you control the lives... And if you make your phone your source of life and they can cut that off at any point, they can control who lives and who dies on the Internet."

  3. "Keep this in mind that people who have used these programs most likely would have canceled the purchase of $500 or more if this wasn't available."

Episode Summary: AB Ridgway exposes the predatory tactics employed by buy now pay later companies, unraveling the intricate web of debt accumulation and financial manipulation. By dissecting the psychology of consumer spending and comparing buy now pay later programs with traditional credit cards, listeners gain invaluable insights into safeguarding their financial well-being.


Subscribe to Financial Advisors, say the darndest things, and stay informed about the latest developments in personal finance. Take proactive steps to manage your finances responsibly and protect yourself from deceptive financial practices.


Keywords: Debt, Buy Now Pay Later, Consumer Behavior, Financial Psychology, Credit Cards, Financial Education, Predatory Practices, Financial Planning, Debt Management, Personal Finance.



retired couple reviewing their investments

 

Join our Newsletter and receive our free 15-page e-book "4 Financial Principles Every Christian Should Know"

4 Pillars of Christian Investing E-book

About Financial Advisors Say The Darndest Things Podcast:


As Christians, we were taught to be good stewards over our tithing and giving to the less fortunate. But when it came to our personal finances and investing we were left clueless on what the Bible says. What does the Bible say about managing debt, leaving a legacy, investing, and planning for your retirement? Mr. Christian Finance answers these and many other questions because we want to teach you how to become rich and righteous!


Meet A.B. Ridgeway:


A.B. Ridgeway with his hands up

A.B. Ridgeway, MBA (info@abrwealthmanagement.com) is the owner and Christian Financial Advisor with A.B. Ridgeway Wealth Management. With a decade in the finance industry, his goal is to give believers clarity around the most confusing topic in the Bible, money, and tithing. A.B. Ridgeway helps tithing Christians become cheerful givers but unlocking their money-making potential, so they can prosper and be the great stewards of the wealth God has entrusted them with.


*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

0 views0 comments

Comments


bottom of page