The Department of Agriculture estimates that a family of four, they need to spend $1,000 per month to get a nutritious diet. Grocery prices are actually up 8.4% from last year compared to the overall inflation in the West is even higher. Buy Now Pay Later can be a really useful financial tool for people who know how to use it properly. But the risk that we see comes from the lack of regulation at the federal and state level.
With the economy in flux and prices continuing to rise, more consumers are saying yes to buy now, pay later offers. And not just for instant gratification on big-ticket items like a couch or a laptop. Struggling families are using it to spread out payments for essentials like food.
Bloomberg reporters Augusta Saraiva and Paulina Cachero join this episode to talk about the popularity of buy now, pay later services–and the fees for those who fall behind on payments. And we hear from a single mother who reluctantly uses the services to help make ends meet.
Read more: Americans Go Deeper Into Debt as They Use Buy Now, Pay Later Apps for Groceries.
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