As the holiday shopping rush ramps up, many people are turning to “Buy Now, Pay Later” to help cover gifts, especially if money is tight. But Consumer Reports said these plans, while convenient, can quickly snowball into a hard-to-pay debt that now they may now show up on credit reports. Consumer Reports explained what to watch out for and how to use them safely. It’s easy to be tempted Consumer Reports’ investigations have found BNPL can lead to overspending and sometimes debt that’s hard to pay back. People who miss BNPL payments can get hit with higher-than-expected fees or interest, and those missed payments can even show up on their credit report. Some BNPL lenders report missed or late payments to the credit bureaus, which could hurt your credit score just like missing a credit card bill. That’s why it’s so important to stay on top of the loan payments. Keep it from backfiring on you When using these services, Consumer Reports recommended carefully selecting which loan you’re applying for and determining if it will charge you fees or interest. Avoid taking multiple loans out at once. And if you do, try to stick with the same company so you’re not managing payments from various places. And set reminders for every due date so you don’t miss a payment or risk overdraft fees. Keep this in mind when it comes to returns; it’s much easier to sort those out with a credit card. With BNPL, the process can take longer, and you may still be on the hook for payments until everything is resolved. In short, BNPL might be a solid option to help you survive the upcoming holiday shopping. As long as you don’t take on more debt than you can handle. Get help with a debt management plan The nonprofit Money Management International can help reduce your credit-card debt and can also help to strengthen budgeting habits and stay away from debt that you don’t need. ...read more read less