Buying now, paying later: Christmas miracle or debt trap?

According to the Australian Retailers Association and Roy Morgan Research, Australian shoppers are expected to spend more than $48.1 billion in retail stores between November 15 and Christmas Eve.

That’s a 2.3 per cent increase from the same period last year.

So how are you planning on paying for your gifts? Cash, Credit Card, layby or maybe some other form of ‘buy now, pay later’ service? We investigate your options.

Story features:

– Nicky Breen, Spokesperson from the consumer advocacy group, Choice

– Joshua Stega, Financial Planner and blogs at ‘The Wealth Guy’

Image: source/credit: ‘Dreamstime’ by Andres Rodriguez on Flickr