A growing number of American shoppers have jumped at the chance to use “buy now, pay later” loans to pay for new sneakers, electronics, or luxury goods in installments.
FILE - A 65-inch television is shown at a warehouse, Thursday, June 17, 2021, in Lone Tree, Colo. Buy now, pay later loans allow users to pay for items such as new sneakers, electronics or luxury goods in installments. – Americans have grown fond of “buy now, pay later” services, but the “pay later” part is becoming increasingly difficult for some borrowers.
Given those features, consumer advocates and financial advisors initially had seen buy now, pay later plans as a potentially healthier form of consumer debt if used correctly. The biggest concern had been late fees, which could act as a hefty finance charge on a small purchase if a borrower is late on a payment. The fees can run as high as $34, plus interest.
“If these buy now, pay later plans are not adequately budgeted for, they can have a cascading impact across a person’s entire financial life,” said Andre Jean-Pierre, a former Morgan Stanley wealth advisor who now runs his own financial planning firm focused on helping Black Americans adequately save and budget.
The Consumer Financial Protection Bureau is looking into the popularity of buy now, pay later loans and is expected to soon issue a report with its findings.
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