FILE - A 65-inch television is shown at a warehouse, Thursday, June 17, 2021, in Lone Tree, Colo. Buy now, pay later loans allow users to pay for items such as new sneakers, electronics or luxury goods in installments. NEW YORK — Americans have grown fond of “buy now, pay later” services, but the “pay later” part is becoming increasingly difficult for some borrowers.allow users to pay for items such new sneakers, electronics, or luxury goods in installments.
Jasmine Francis, 29, a technology analyst based in Charlotte, North Carolina, said she first used a buy now, pay later service in 2018 to buy clothes from fast-fashion brand Forever21. Credit reporting company TransUnion found that buy now, pay later borrowers are using the product just as much as credit cards, piling on debt on top of additional debt. A poll by Morning Consult released this week found 15% of buy now, pay later customers are using the service for routine purchases, such as groceries and gas, a type of behavior that sounds alarm bells among financial advisors.
“Ads encourage consumers to use these plans for multiple purchases, at multiple online stores — racking up debt they cannot afford to repay,” Brown said. “We have seen some stress , and those are starting to have a hard time,” said Max Levchin, founder and CEO of Affirm, one of the largest buy now, pay later companies.
If you have to pay for sneakers on an installment plan.........
Wait, people who choose to buy shoes so out of their price range that they have to finance them aren't fiscally responsible?
Lol you don't say?
Imagine that. 🤦🏻♂️
Were these loans made with or without credit checks. If no check was required, I don't understand the shock that this has happened. I mean duh!
Why can't they just forgive the loans?
Taking out a loan for shoes? Ridiculous.
Don't worry they'll payback their grocery loans though.
Lmao is this serious?
Sneaker loan forgiveness when?
Theres a surprise
Sneaker loan forgiveness now POTUS
Really Who would have thought….
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
Wait until Bank of America joins the fun
Who would have thought this would happen? Cc WallStCynic
Wow delinquencies. No s*** Sherlock!!
Who could have seen this coming? Look at the types of people who buy these types of products on loan and that tells you all you need to know about society in America.
People who buy sneakers on time aren't a good risk. Who could have seen that coming?
Lmao BowTiedBull
Strongest recovery ever.
Are you surprised by this? If so, why?
Ya don’t say?
Why do this when you can smash and grab
We used to call that Credit back in the day
Wow, who could have predicted this?
Now do student loans
Back in the day it was called layaway.