Chances are that your \u201cbuy now, pay later<\/a>\u201d bill from the holiday season will arrive soon or has already made its debut.<\/p>\n If you\u2019re not financially prepared to pay up, late fees or other charges can bury you deeper in debt. Circumstances can change over a matter of weeks through financial setbacks like unemployment, an unexpected bill, a family emergency or other events.<\/p>\n When you\u2019re feeling the financial squeeze of those pay-in-four buy now, pay later plans \u2014 and possibly other debts \u2014 it\u2019s important to create a plan to pay down balances.<\/p>\n Here are a few options to consider as you strategize your way out of debt.<\/p>\n Review your budget<\/a> and trim unnecessary expenses or swap services for less costly alternatives. Cancel unused subscriptions, for example, or switch to a cheaper streaming service.<\/p>\n If you\u2019re also struggling with credit card debt that may take three to five years to pay off, consider consulting an accredited nonprofit credit counseling agency about a debt management plan<\/a>, which can consolidate some balances into a single low-interest payment. Note that accounts enrolled in the plan are typically required to be closed, which could affect your finances in the short term.<\/p>\n Some lenders like Klarna and Afterpay allow you to change the payment due date or request an extension.<\/p>\n Klarna customers using a pay-in-four loan can extend the due date of a payment for each order once by 14 days, according to the company\u2019s website. Afterpay may provide more leeway, allowing changes to the payment due date up to six times per year in the app, according to Amanda Pires, a company spokesperson.<\/p>\n Lender policies may differ, so read the plan\u2019s terms or ask the lender about your options.<\/p>\n If a financial setback or emergency keeps you from making payments, the buy now, pay later lender may offer some relief.<\/p>\n Major buy now, pay later companies with hardship policies typically encourage you to contact customer service as soon as possible about hardships.<\/p>\n \u201cAffirm users experiencing financial hardship can contact us through our help center so we can work with them to identify an available repayment option that best meets their personal needs,\u201d Casey Becker, a company spokesperson, said via email.<\/p>\n Terms vary by lender.<\/p>\n1. Update your budget<\/h2>\n
2. Change your payment due date<\/h2>\n
3. Communicate with lenders about hardships<\/h2>\n
4. Consider a balance transfer credit card<\/h2>\n