The rise and risks of 'Buy Now, Pay Later' shopping
The Black Friday and Cyber Monday spending spree in the US was fueled by "Buy Now, Pay Later" (BNPL) shoppers, with BNPL purchases on Cyber Monday reaching an all-time high, up 43% from last year. While this payment method has become popular for larger purchases, consumers are increasingly using it for everyday necessities, potentially risking debt they can't pay off. Financial researchers warn that BNPL installment plans are disproportionately used by financially fragile individuals, and the rate of credit card delinquency is at its highest since 2011.