Gusa: It seems like every time I try to buy something in a store or online, they're offering to have me not pay for it today. Buy Now Pay Later options are basically short-term financing options that lets consumers make a purchase and take it home now for a small payment and paying for it in full later. Many of them promise little to no fees, no interest, and a pretty instant or quick credit approval. Gusa: At this point, the possibilities are pretty much endless.
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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