Exploring the impact of BNPL on credit scores, Apple's data sharing with Equifax, and the risks posed to lenders and the economy. The chapter also delves into 'phantom debt', incomplete financial data challenges, and consumer distress in the economy.
“Buy Now, Pay Later” options have exploded in popularity and availability, and in the midst of stubborn inflation, Americans are even using them to buy essentials like groceries.
But not all of the BNPL providers report data like credit card companies — and no one knows exactly how much debt consumers owe.
On today’s episode, host Sarah Holder talks to reporters Paulina Cachero and Paige Smith, who tried to find out more about the size and scope of the debt.
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