BNPL Survey Finds Young, Affluent Users Approaching Debt Crisis
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BNPL users tend to be young, well-off, but are nearing a financial cliff according to a new survey.
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Over 40% of BNPL users carry debt and 1 in 4 missed a payment last month.
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BNPL use is highest among Gen Z, millennials, and those earning over $50k annually.
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Users have lower credit scores than non-users and are unsatisfied with traditional financial institutions.
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BNPL could create a vicious debt cycle as 1 in 3 use credit cards to pay off BNPL loans.