If it's hard to afford your layby or buy now, pay later payments, look at your spending habits. Talking to a budgeting advisor in your community can help.
Find a budgeting service(external link) — National Building Financial Capability Charitable Trust
Buy now, pay later sales
Schemes like LayBuy, PartPay and AfterPay can help smooth out your spending, so long as you don't buy more than you can afford.
But it is a form of short-term debt. With no interest to pay, it can be a better alternative to high-interest options like credit cards or loans.
Like all debt, there are risks, including:
- spending more than you expect, especially if you find it hard to resist temptation when shopping
- no longer being able to afford payments if your life changes, eg job loss or rent hike
- missing payments costs extra in fees — making your item more expensive — and will affect your credit rating.
Before agreeing to buy now, pay later, ask yourself if you are good at:
- tracking your spending
- keeping up to date with payments.
Talk to a community budgeting advisor. You can also find advice and tools on the Sorted website:
Budgeting tips — Sorted
Rules and rights
Buy now, pay later sales are different from traditional laybys — and layby rules and rights don't apply.