Posted 11/29/2023, 12:00:00 PM
Buy Now, Pay Later Use Skyrockets Over Holidays, Raising Concerns About Consumer Debt
- Buy Now, Pay Later (BNPL) purchases hit record highs over Black Friday and Cyber Monday weekend, up 43% from last year
- BNPL allows shoppers to split purchases into multiple installments paid over time
- Reliance on BNPL could lead to financial struggles when bills come due later
- BNPL is increasingly used for everyday purchases, not just big tickets items
- Credit card delinquencies are at highest rate since 2011