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Buy now, pay later is not a boom, it’s a bubble: Harvard
source link: https://nextbigwhat.com/buy-now-pay-later-is-not-a-boom-its-a-bubble-harvard/
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Buy now, pay later is not a boom, it’s a bubble: Harvard
- Initially, spreading out the cost of a big-ticket purchase – like a Peloton, for example – just made financial sense, especially at 0%. Now, 4 in 5 U.S. consumers use BNPL on everything from clothing to cleaning supplies, according to Experian, and most shoppers said buy now, pay later could replace their traditional payment method.
- Further, nearly 70% of buy now, pay later users admit to spending more than they would if they had to pay for everything upfront, according to a survey from LendingTree.
- 42% of consumers who’ve taken out a buy now, pay later loan have made a late payment on one of those loans, LendingTree found.
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