Buy Now, Pay Later's Convenience Comes With Risks of Overspending, Critics Warn

Many consumers find buy now, pay later services convenient when cash is tight, but some regret overspending and warn others.

BNPL usage is soaring, especially among consumers under 35 who make up over half of borrowers.

Researchers found BNPL users rack up $176 more per year in fees compared to non-users.

Some critics say BNPL facilitates overspending and creates "phantom debt" not visible to lenders.

After racking up thousands in BNPL debt, some former users have deleted apps and warn others to be cautious.