'Buy now, pay later!'; Installment plans offer pros and cons

MILWAUKEE (CBS 58) -- Installment buying options when shopping have become more commonplace, from ordering take-out to buying a car.

When shopping online, options such as AfterPay, Affirm and Klarna advertise the ability to pay in smaller portions over time after paying the first installment at checkout.

Local financial professional Brad Allen from Drake & Associates joined us on Thursday, Jan. 12 to discuss the benefits and potential drawbacks of having so much "buying power" at an increasing rate.