25% of consumers recently used a buy now, pay later loan, report finds. What to know as they become popular
"As the cost of items that we all need to buy has gone up, it's become a way to pay for these necessities," Rathner said. "For many years, buy now, pay later was a bit of a wild, wild West situation," he said, as one BNPL service might operate differently to another."To some degree, it may be wise to put some regulation around this," Sebastian Siemiatkowski, CEO and co-founder of BNPL firm Klarna,"But they have to put that in perspective of how good of a product is this for consumers' best interest versus credit cards," he added.
Parents of minor children are more likely, 61%, to have paid a late fee over the past year than adults without children , NerdWallet found.