Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
"Buy now, pay later" plans are growing in popularity among Gen Z consumers, driven by influencers on TikTok and Instagram promoting these services. But one personal finance expert says these services can carry serious financial risks for young people.
These services allow consumers to make big purchases and make interest-free payments in installments and typically don't require hard credit checks, if any, making them more accessible for young people who don't have a built-up credit score.
"It all started actually back with the initial lockdowns. We saw a big increase in online shopping. So, a lot of people got into the habit of it and now we're really seeing a target of Gen Z with these ‘buy now, pay later’ services," said MoneySense executive editor Lisa Hannam in an interview with CTV's Your Morning on Friday.
On top of that, Hannam said these services are being glamourized by influencers on TikTok and Instagram making "haul" videos, showing off all the cool items that they bought with these apps.
But Hannam calls these services "baby credit with adult consequences," warning that they could put young people's financial futures at risk.
"The baby credit part that you get a taste of using credit and loans with no interest and very straightforward payments," she said.
The "adult consequences" come when consumers don't make their monthly or bi-weekly payments on time.
"There could be fees. There could be interest. It could be tied to your credit card, which could eventually end up with collections agencies, affect your credit score and ultimately affect bigger purchases down the line such as a mortgage, a car or anything like that," she said.
According to a survey released last September conducted by Credit Karma, a personal finance company, 34 per cent of “buy now, pay later” users in the U.S. have reported falling behind on one or more payments.
Younger consumers were found to be more likely to fall behind on their payments. The survey found that more than half of Gen Z and millennial respondents who have used these services say they missed one or more payments.
According to a survey conducted by the Financial Consumer Agency of Canada between September 2019 and March 2021, the most common items purchased through “buy now, pay later” were furniture or appliances, electronics and clothing or fashion items. Of the respondents who used these services, 74 per cent said they spent more than $200.
And the “buy now, pay” later industry is only expected to grow. According to a February 2022 report from market research firm ResearchAndMarkets.com, the sector is expected to grow by 63.5 per cent on an annual basis in Canada.
Hannam said Canadians looking into these services need to read the fine print on the contract before signing on the dotted line.
"Make sure that you are reading the fine print that you are understanding the payment terms and when the payment has to come out," she said.
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Brad Marchand scored twice, including the winner in the third period, and added an assist as the Boston Bruins downed the Toronto Maple Leafs 4-2 to take a 2-1 lead in their first-round playoff series Wednesday
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
Canada's Deputy Prime Minister Chrystia Freeland was among the 1,700 delegates attending the two-day First Nations Major Projects Coalition (FNMPC) conference that concluded Tuesday in Toronto.
The daughter of a New Brunswick man recently exonerated from murder, is remembering her father as somebody who, despite a wrongful conviction, never became bitter or angry.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.