Walmart’s major new self-checkout update could leave customers in a ‘financial hole’

Recently, numerous retail giants have seen customers react negatively to their different self-checkout practices.
Adding to the list, Walmart has rolled out a new self-checkout change that is rather controversial.
The chain has added a new payment method to its self-checkout kiosks, a buy now, pay later option, becoming the first big retailer to add it to its stores.
This was first announced in December 2023 when Walmart teamed up with Affirm to release the buy now, pay later choice in time for the busy holiday season.
Experts are warning that shoppers should use this payment option with caution, as these loans could cause them to take on debt that they cannot afford.
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While they are an alternative to credit cards and allow shoppers to break the cost of their purchases into four separate interest-free payments, financial professionals have been cautioning shoppers against using buy now, pay later services like Affirm and Klarrna.
Services like Affirm do not report to major credit services. That said, Walmart customers could easily be taking on debt that traditional credit card companies would not typically approve them for.
Martha Callahan, certified financial planner at Maryland-based FBB Capital Partners, told FOX Business: “It’s similar to using a credit card where you make the purchase now, but when it comes time to pay that debt if you don’t have the cash on hand to make the payment. You’re just digging yourself into a deeper financial hole.”
“I think it can be deceiving at the time of purchase where you feel like I can afford that. I can afford these four payments,” she said. “But the more you do it, the more those payments are stacking up in the future.”
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According to Affirm, shoppers who qualify will be shown the entire price of their purchase upfront and won’t have to worry about any late or hidden fees.
To take advantage of this at Walmart’s self-checkout stations, buyers must spend at least $144 on Walmart products other than groceries.
Shoppers can spend up to $4,000, and have the option to spread those payments out over three to 24 months through Affirm.