BNPL, or Buy Now Pay Later plans, make it so easy to spread out payments over time. But a new report finds more and more people falling behind on those payments. What you need to know about BNPL risks.
Breakdown
- Buy now pay later splits purchases into installments for convenience
- Excessive use can lead to missed payments and increased debt 11s
- BNPL services now report payment data to credit bureaus 1m 1s
- Over 40% of users made at least one late payment in the past year 1m 18s
- Experts warn against using BNPL for everyday purchases 1m 22s