The Risks of Buy Now, Pay Later for Necessities and Credit Scores
TL;DR Summary
As inflation continues to impact Americans, more people are turning to buy now, pay later (BNPL) options to afford everyday necessities like groceries and gas. However, experts warn that this could lead to overspending and further credit card debt. A LendingTree survey shows that 46% of consumers used BNPL this year, up from 43% a year ago and 31% in 2021. While BNPL is a convenient option for consumers, it could be a "bad outcome" for their balance sheet, warns O’Leary Ventures Chairman Kevin O’Leary.
- Americans using buy now, pay later to afford groceries, other necessities Fox Business
- More ‘buy now pay later’ users say their credit scores are dropping after missed payments MarketWatch
- How Catch is billing itself as an alternative to buy now, pay later Modern Retail
- Financial Fitness: Buy Now, Pay Later Idaho News 6
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