Buy Now, Pay Later Usage Soars 47% on Black Friday as Shoppers Seek Deals Amid High Inflation
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Online shopping on Black Friday totaled $9.8 billion, up 7.5% from last year. Buy now, pay later financing was up 47%.
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Many are using buy now, pay later programs to finance purchases as budgets tighten amid high inflation and rising costs. This could lead to bigger problems when bills come due.
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Total spending in November on buy now, pay later has already reached $6.5 billion. Adobe projects it will hit a record $9.3 billion.
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About 17% of buy now, pay later users fail to pay off the debt on time and add more interest. Others pay it off with high-interest credit cards.
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Spending was slower than usual leading up to Black Friday, suggesting shoppers are hunting for the best deals amid financial pressures.