- Consumers are using “buy now, pay later” on just about anything.
- However, there are risks with this type of debt and little regulatory oversight to sufficiently protect borrowers.
Most people love the convenience of buy now, pay later.
Since the start of the coronavirus pandemic, installment payments have exploded in popularity along with a general surge in online shopping.
Initially, spreading out the cost of a big-ticket purchase — like a Peloton, for example — just made financial sense, especially at 0%.
Now, 4 in 5 U.S. consumers use BNPL on everything from clothing to cleaning supplies, according to Experian, and most shoppers said buy now, pay later could replace their traditional payment method (likely, credit cards).
www.cnbc.com/2022/05/13/buy-now-pay-later-is-not-a-boom-its-a-bubble-harvard-fellow-says-.html?utm_content=Main&utm_medium=Social&utm_source=Facebook&fbclid=IwAR1fy23iR9-zoQI2We2QkT9KfSwp9gLGGH-heWh0sWl-t9FXk52DXSnRe5c&fs=e&s=cl#Echobox=1653424081
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