Like most of us, you have your credit card to shop online, and in case of emergencies.

And, like most of us, that last-minute sale was a little too tempting, and now you’re in debt.

Sound familiar?

That’s because more than half of Millennials have credit card debt and are seriously stressed out about it.

This is according to a study by Morning Consult and covered on Business Insider, which reveals the lived reality of a generation faced with an “increasing cost of living that outpaces their income growth”.

Multiple studies show that millennials have less purchasing power than previous generations did at the same age.

…When most of a minimal income ends up on rising housing and education costs, it’s easy to end up putting daily living costs on a credit card.

Swiping a credit card might seem like a quick, easy solution, especially in a tough economy, but numbers show it’s not quick or simple when it comes to paying back debt.

Of the 25 million credit-active people in South Africa, 40% are not using credit responsibly.

Unsecured credit (like personal loans and credit cards) has skyrocketed in recent years and South African household debt has reached a staggering 75%, according to the latest SARB quarterly bulletin.

“It’s no wonder we’re seeing Millennials become increasingly averse to traditional credit products. This is often due to factors such as student loan debt and watching how indebtedness impacted their parents,” says Greg van der Riet, COO of PayJustNow.

As Millennials get wise, they’ve started seeking out alternative means of payment.

“Many also recognise the credit card trap – making minimum monthly payments, but never seeing a reduced balance. Or, spending up to their limit, getting increased limits, and spending further. Other reasons for the Millennial mindset shift include the hassle of applying for credit, dealing with banking institutions and desiring technology more integrated with our lives.”

PayJustNow is catering to this new generation of consumers by offering South African customers an attractive alternative to credit in the form of a dynamic tech-enabled payment solution, based on a widely used and internationally validated ‘buy now, pay later’ business model.

The company has already partnered with a number of iconic South African brands like Veldskoen and Freedom of Movement. Once you’ve filled your cart,  you can select the PayJustNow option at checkout and pay your purchase off over three months, in three easy, interest-free instalments.

The service is free to customers who pay on time, with no interest fees and no contracts. Most importantly, your purchase is processed and shipped, at the time of checkout.

PayJustNow will even send you a handy reminder so that you don’t get behind on your payments, making it easy to budget and plan your finances.

Check out the full list of merchants here to get shopping without the guilt of racking up that credit card debt.

[source:businessinsider]