Why you should never use Affirm or Afterpay.

So what is Affirm / Afterpay
Affirm is part of a wave of companies that offer "point-of-sale" financing, which means you will run across it when you are ready to buy something from a retailer. Affirm offers financing for Walmart, furniture store Wayfair, mattress store Casper, travel site Expedia, and more than 2,000 other retailers.

Will it affect my credit?
Affirm runs a real-time, soft inquiry of your credit and decides whether or not to approve you for a loan amount that matches the price of the item you're buying.

However, proceeding with an Affirm loan may impact your score, since the company reports most of its loans and payments to the credit bureau Experian. Each Affirm loan you get shows up as a separate loan on your credit report.

Now Why You Should Never Use It

1) If you cant, afford to pay with cash, you don't need it.
If you are using, affirm you are blatantly spending money you don't have. And waiting until that next paycheck comes in to make that payment. And with 63% of Americans living paycheck to paycheck, do you really want to add more debt for something you don't need? You will continue to be broke now and be broke later. And like they say, Broke people love payments, rich people love profits.

2) The APR is too high.
Affirm offers APR from 0-30%. While going into more consumer debt is already dumb, even dumber is going into consumer debt at a high Apr. While average credit card APRs around 15%. Imagine doubling that just for one item.

3) They make you think that you will pay 0% APR, but that is not always the case. If you read the details, it says 0% apr for qualified shoppers. But what qualifies shoppers?

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