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25% of consumers recently used a buy now, pay later loan, report finds.


michaelmorgan
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https://www.cnbc.com/2024/05/28/buy-now-pay-later-loans-are-second-only-to-credit-cards-in-popularity.html

 

As buy now, pay later programs become more common, some shoppers are using this payment structure to make ends meet.

 

Americans owe $17.5 trillion across credit cards, mortgages, auto loans and other forms of debt, according to the Federal Reserve Bank of New York. About $1.12 trillion of that is on credit cards.

 

Buy now, pay later, or BNPL, loans often don’t appear on a credit report, serving as a kind of “phantom debt” that’s not reflected in those tallies.

 

Such short-term financing plans are the second-most used form of credit payment among consumers in the U.S., according to a new report by NerdWallet.

 

Credit cards are the most commonly used form of credit, with 66% of respondents using them in the past 12 months. Meanwhile, 25% said they had used BNPL services in the last 12 months.

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