More Americans are using "buy now, pay later" loans to purchase groceries, according to a new survey by LendingTree. This comes as consumer confidence data indicates another monthly drop. Axios' Nathan Bomey joins CBS News with more.

The economic landscape in the United States has been marked by a significant shift in consumer behavior, as recent findings from a LendingTree survey reveal that more Americans are utilizing "buy now, pay later" loans to purchase groceries. According to the survey, 25% of Americans with such loans are using them for grocery purchases, up from 14% previously. This development aligns with a decline in the Consumer Confidence Index, which recently reached its lowest level since May 2020.

Experts attribute this decrease in consumer confidence to factors such as stock market volatility and ongoing inflation concerns. With 62% of Americans owning stocks, fluctuations in the market have directly influenced consumer sentiment, raising worries about retirement savings and financial stability. The imposition of tariffs, which has contributed to market instability, has also heightened inflationary fears, exacerbating the financial pressure on consumers.

The increased reliance on "buy now, pay later" arrangements for everyday items like groceries reflects broader economic stress. This financial tool, once primarily used for substantial purchases, has seen expanded applications to include smaller transactions, such as takeout and delivery, as highlighted by platforms like DoorDash. Such habits contribute to a growing "hidden debt" phenomenon, alongside the increasing overall debt burden.

According to the Federal Reserve Bank of New York, America's total credit card debt has soared to a record $1.2 trillion, the highest since tracking commenced in 1999. Although a certain rise in debt could be expected alongside inflation and rising incomes, current debt levels exceed typical expectations, underscoring the heightened financial strain faced by American consumers.



More Americans using loans to pay for groceries, survey shows

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Jerusalem

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Washington

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