Buy Now, Pay Later Explodes in Popularity, But Experts Caution Users to Mind the Fine Print

BNPL allows consumers to split purchases into interest-free installments over a few months, making expensive items seem more affordable. It has boomed globally.

BNPL provides transparency and flexibility compared to credit cards, allowing users to pay off balances early with no penalties.

Spending has shifted away from cash/cards towards BNPL, which consumers find more convenient and tailored to their budgets.

While BNPL helps cash flow, consumers should be mindful of terms, late fees, and impact on credit scores if they miss payments.

BNPL has moved from just fashion/beauty to include everyday purchases like furniture, insurance, medical bills, easing financial strain.