A growing number of young people in New Zealand do not see "buy now, pay later" (BNPL) services as a form of debt, despite the fact that they function similarly to borrowing money. This perception may be influenced by how these services are marketed. Like food labels that claim a product is "low in sugar" or "fat-free," BNPL services often frame their offerings as convenient payment options rather than loans. However, they still involve borrowing money, typically without interest, but with potential costs if payments are missed. BNPL services such as Afterpay, Klarna, and Zip have become increasingly common in New Zealand, allowing consumers to purchase items now and pay them off in installments over time. These services are especially appealing to younger consumers who may avoid traditional credit cards. While they offer quick approval and easy checkout, they can also encourage overspending. If payments are not made on time, users may face late fees, which can lead to accumulating debt. These services have grown in popularity since the early 2010s and are now used for a wide range of purchases, from clothing to dental treatments. In September 2024, BNPL services were brought under New Zealand’s Credit Contracts and Consumer Finance Act, which provides some legal protections to users. However, recent reviews by Consumer NZ and FinCap suggest that these changes have not significantly reduced the financial risks associated with BNPL. The reports called for stronger measures, such as mandatory affordability checks and stricter controls on late fees. Despite these reforms, many users still face financial challenges, including overspending and using other forms of debt to meet repayments. A recent survey of young New Zealand adults found that four in 10 did not view BNPL as debt, and nearly half believed it carried fewer consequences than traditional borrowing. Those who saw BNPL as different from conventional debt were more likely to use it frequently and less likely to recognize the risks. Interestingly, financial education appeared to have a mixed effect. While those with higher financial capability were more likely to use other forms of credit to meet BNPL repayments, those who had received financial education were less likely to recognize BNPL as debt. This highlights a challenge for financial educators: helping people apply their knowledge to new and evolving financial products that are often marketed as simpler or safer alternatives to traditional borrowing. As financial products continue to evolve rapidly, it is becoming increasingly difficult for consumers to keep up. Financial education must shift from simply teaching about existing products to helping people understand how to analyze new financial tools critically. Consumers should ask themselves key questions: What obligation am I taking on? What can I lose? What happens if things go wrong? And who benefits if I misunderstand the product? While traditional financial knowledge remains important, it is only useful if people can apply it to unfamiliar situations. Ultimately, debt by another name is still debt, and understanding that is crucial for making informed financial decisions.