Time to welcome to the world of Apple’s Buy Now Pay Later feature. This is a program that allows users to make purchases and pay for them in monthly installments. The program is designed to make it easier for customers to purchase the products they want, without breaking the bank.

Apple announced a prerelease version of its newest feature Apple Pay Later in a recent press release. It is a new payment service which allows you to segment the cost of purchases into equal installments over six weeks. The first is due at the time the purchase is made while the rest are to be made every two weeks after that.

This long-awaited service is available for selected users and was first announced at Apple’s WWDC event in 2022. Although this feature is currently only available for limited users, Apple plans to offer the feature to all eligible users in the future. With this payment method users can apply for Apple Pay Later Loans of $50 to $1,000. You can also use this service for both online and in-app purchases on your iPhone or iPad.

How to Use Apple Pay Later?

To use Apple Pay Later, open the Wallet app on your iPhone, and then add Apple Pay Later to your wallet. Set up Apple Pay Later and follow the generated instructions to apply for Apple Pay Later Loan. Here you will be required to enter the total value of the purchase you are planning using this service. The next step is to add your details and then review the payment plan and loan agreement details and then you can tap Add to Wallet.

You can use this payment method to make purchases up to 30 days after you’re approved. These loans can only be used once, so if you spend less than the total amount you were approved for, the remaining amount can’t be used for a separate purchase.

The Record High Credit Card Interest Rates

The record-high Credit Card Interest Rates have been wreaking havoc on consumers across the nation. As the Federal Reserve continues to raise interest rates, the amount of credit card debt is reaching an all-time high. With inflation still at elevated levels, individuals are more likely to use their credit cards for basic expenses. Bankrate.com found that 46% of people are now dependent on credit cards for their monthly expenses. This percentage is alarming when compared to 39% a year ago.

Not only are people relying on credit cards more, but more people are falling behind on payments. This is leading to an increase in delinquency rates and an accumulation of debt across the population.

Unfortunately, this problem is only exacerbated by the continued surge in interest rates. Although interest rate increases are supposed to fight inflation, this surge in the rates can be seen doing the opposite. Consumers are struggling to make payments, and banks are struggling to collect. It is becoming increasingly difficult for both parties to reach a balance.

If the Bank That Issued My Credit Card Closes Down, What Happens to the Account?

In the event of a bank failure, the Federal Deposit Insurance Corporation (FDIC) would step in and take over the institution. The FDIC would take over the credit card business and attempt to find a buyer for the failed bank. If a buyer emerges, the credit card portfolio of the failed bank would be transferred to the acquiring institution.

This new issuer could change the terms of your account, such as the interest rate on new transactions and existing balances, as well as your credit limit. You may also receive a new card under a different brand name. It is important to stay up to date with your bank’s website for any updates on your credit card account.

The State Legislation Ban Against CBDCs Introduced by Ron Desantis

Florida Governor Ron DeSantis proposed legislation to ban central bank digital currencies (CBDCs) from being used as a form of money within the state. He stated that the measure is designed to protect the financial privacy of Florida citizens.

The value of CBDCs is tied to the price of a sovereign currency, such as the U.S. dollar. It is monitored by a country’s central bank rather than being created by private companies on decentralized networks like Tether’s USDT or Circle’s USDC.

Since 2016, the Federal Reserve has been exploring the notion of introducing a CBDC. The U.S. central bank has emphasized the need for approval from Congress before it can do so. Analysts state that the technology could lead to greater financial inclusion, but opponents suggest that it might be used for financial surveillance & expanding the government’s control.