Orla McCaffrey
speaker
593 appearances
13 recordings
1 series
first heard Mar 2020
last heard Jun 2022
Orla McCaffrey’s voice in public audio — every appearance, attributed to the second.
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Appearances
So that's the option she went with because she had no other way to afford dental work.
And that seems like it's an option more Americans will have to consider because insurance just doesn't cover things.
If she hadn't found out about CareCredit, she initially found out about it, she was taking her cat to the vet.
If she hadn't done it, she was considering selling household items.
She told me she might go and try to find a part-time job that she's able to do, just anything to kind of increase her cash flow so she could afford this treatment, which was a crown that would cost $1,100.
So lenders really see an opportunity in the healthcare space, specifically dentistry, anything medical related, and any cost that people deem critical.
Like, nobody's going to...
you know not try and do whatever they can for a pet at the vet so those bills are often really high and people usually have to borrow money in some cases to afford those so lenders are getting into the space and offering installment loans via buy now pay later it's a more popular form of financing where you know you take out a loan and pay a certain amount over a period yeah so it's just a space that's attracting a lot of interest right now from companies who recognize the opportunity in these costs that people can't afford and we're trying to make money by financing these purchases
For care credit, for example, you get a line of credit for, let's say, $1,500, and the amount of dental work you need is $1,000.
So you charge the credit card, you use it at your provider, at your dentist, and then you have a 12-month period where you make payments each month, and if you pay off the $1,000 by the end of the 12 months, you're good, you're in the clear, you basically borrowed the money at no cost, right, because you weren't charged interest that whole period.
If you are not able to pay it off by...
the end of the 12 months, then that period actually wasn't interest free and it operates as if you had been using a credit card, right?
So whatever amount you hadn't paid off after the first month, you're paying whatever the APR is, let's say 27% on that amount.
And the second month is your unpaid balance plus interest from the month before.
So it really can add up quickly.
And that's how companies make money, right?
Because they know that a certain segment of people they lend to aren't going to be able to pay the money off.
So they will incur a greater balance.
Well, for consumers, if you can pay it off within a given amount of time, then it's a great option.
But if your cash flow is already tight and you don't think it's in your budget to make these payments every month and make sure you have...
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