Banking & credit traps

2 traps documented in this category.

• Why buy now pay later is a loan, not a payment plan→

  ASIC found 55 per cent of buy now pay later users spend more than they otherwise would. Here is what BNPL really sells you and how to avoid the trap.

• How the credit card minimum payment becomes a 20-year loan→

  Paying the minimum on a $5,000 credit card balance can cost you $11,000 in interest over 20 years. Here is how the trap works and what to do.