Buy now, pay later: debt you don't notice
Nearly 30% of Gen Z users missed a payment, according to a report shared by Vietnam.vn.
Four payments of 10 dollars, approved in a minute inside the app, and three more at the end of the month. 41% of young people aged 22 to 35 used "buy now, pay later," according to the newspaper Bao Dau Tu.
That percentage covers the last six months and nearly doubles the figure from three years earlier. The numbers were cited by Le Thanh Tam, a banking and finance lecturer at the National Economics University, in a report published by Bao Dau Tu and shared by Vietnam.vn.
The study is from Vietnam. The mechanism, on the other hand, feels familiar to me: an app that approves in seconds and an installment that doesn't feel like debt.
«Each installment feels small on its own; together they weigh like a second rent.»
The three payments nobody adds up
Le Thanh Tam explains that the model lives inside apps, is approved in minutes, and gives money back to encourage spending. He adds another reason: digital skills arrive before financial ones, and that's why many young people overspend.
The numbers he cited show the effect. Nearly 30% of Gen Z users missed a payment, and 37.5% had three or more installments open at the same time.
That's what worries me. Each installment feels small on its own; together they weigh like a second rent. And none of them feels like debt, even though it is.
The installment that becomes a habit
The research also includes a projection: about 60% of young people would have at least one consumer debt, and a quarter of those in debt would frequently forget or delay payments. FiinGroup Vietnam expects 25.7% growth in consumer credit, according to Le Xuan Dong, from that consulting firm.
Dao Minh Tu, cited in the same report, focuses on transparency. Before signing, it's worth knowing how much money you actually receive, what the rate is, what fees exist, how much you'll pay in total, over what terms, and what happens if you're late.
It's also worth confirming that the lender is authorized, because there are illegal loans disguised as technology. Scripture doesn't paint debt as a free path: "the borrower is the slave of the lender" (Proverbs 22:7, ESV). Paying in four parts doesn't feel like slavery; it feels like a normal purchase.
Three steps before the end of the month
- Write down all your installments for the month with the date they're charged. If the total doesn't fit your income without touching savings, that's the first adjustment.
- Before accepting another "pay in four," wait 24 hours and calculate the total: final price, fees, and what happens if you're late.
- Check that the lender is authorized and that the contract is understandable. If you don't understand it, don't sign it.
Le Thanh Tam recommends setting limits based on real income and giving notice of commitments before they're due. It sounds simple, and that's exactly why it gets ignored.
"Keep your life free from love of money, and be content with what you have" (Hebrews 13:5, ESV). The honest question is this: of what you buy in four payments, how much do you buy because you need it and how much because the button is one tap away? Tell me which installment weighs on you most this month.
