There seems to be a lot of consumer psychology behind the buy now pay it later where they know how people behave. People often seem to not have any object permanence when it comes to their finances. The danger is that this is a recurrent purchase, like buying eggs and meat next week.
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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