The 'buy now, pay later' (BNPL) scheme allows for purchase on zero interest instalment plans with less credit requirement. Every second Monday of the month, The Straits Times takes a hard look at Singapore's social issues of the day with guests. In 2023, Singapore consumers spent $3.4 billion online and in-store using 'buy now, pay later' (BNPL) services from third-party providers like Atome and Grab PayLater, banks and retailers - without the need for minimum income as required by credit cards.  And members of Gen Z, those between 18 and 24 years of age, and young millennials between 25 and 34, were among the bigger users of this method, according to the Worldpay’s 2024 Global Payments Report. With BNPL strengthening the purchasing power of youths, are there worrying social and financial implications from this new payment method, despite seemingly having more purchasing power?  To discuss more about this, ST assistant podcast editor Lynda Hong co-hosts with business correspondent Sue-Ann Tan to speak with their guests about the possible implications of the BNPL scheme on youths. Once in financial trouble with a $75,000 debt, Khairul Abbas Hamzah is now heading a consultancy to help debtors who are in the same boat - that he managed to get out of.  Also on the show is financial literacy expert Aaron Chwee, head of Wealth Advisory at OCBC Bank.  Highlights (click/tap above): 3:03 Instant gratification impulse among younger generation? 10:55 When BNPL becomes a slippery slope; what types of financial habits BNPL inculcates 21:18 Phantom debt and the recourse to get out of debt troubles 26:24 Abbas’ $75,000 debt trouble  32:14 Social implications from BNPL  Read ST's Opinion section: https://str.sg/w7sH Read Sue-Ann Tan’s articles: https://str.sg/KpUx  Hosts: Lynda Hong ([email protected]) and Sue-Ann Tan ([email protected]) Produced and edited by: Amirul Karim Executive producer: Ernest Luis Follow In Your Opinion Podcast here and get notified for new episode drops: Channel: https://str.sg/w7Qt Apple Podcasts: https://str.sg/wukb Spotify: https://str.sg/w7sV Feedback to: [email protected] --- Follow more ST podcast channels: All-in-one ST Podcasts channel: https://str.sg/wvz7 ST Podcast website: http://str.sg/stpodcasts ST Podcasts YouTube: https://str.sg/4Vwsa --- Get The Straits Times' app, which has a dedicated podcast player section: The App Store: https://str.sg/icyB Google Play: https://str.sg/icyX --- #inyouropinion See omnystudio.com/listener for privacy information.