Millennial Money: Installment plans for rent divide up payments, but drive up costs
By JACKIE VELING of NerdWallet
A record number of Americans who rent are now considered cost-burdened, with 30% or more of their income going toward rent and utilities. Companies like Flex, which let you divide your rent into smaller installments via a line of credit or loan, say they’re part of the solution. Their products can make rent payments more manageable, free up cash flow and build credit history, they say. But if you can’t afford rent, paying in installments won’t help and can even make things worse since the service isn’t free. Reassess your cash flow, reach out to your landlord or contact an outside organization before opting into financing.
