Buy Now, Pay Later services may be getting some Americans deep into debt
CNN
Some Americans are using "Buy Now, Pay Later" for the daily coffee run, the gas station fill-up and the grocery trip. That has economists and consumer advocates concerned.
That's a concern for economists and consumer advocates, who say the surge in the use of these services, coupled with a lack of transparency and little regulatory oversight, leaves them wondering just how much debt Americans are actually getting into.
While other household debt, such as credit card spending and auto loans, is gathered and tracked by the Federal Reserve, Buy Now, Pay Later (BNPL) data is not included because the financing is typically provided by non-bank sources and not yet reported in a comprehensive manner to credit bureaus.
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