Wes Casova: Buy now, pay later isn't just financing Gen Z's online shopping habits. US consumers are increasingly using the installment loan to pay for everyday items - including groceries. Almost half of Americans have used Buy Now Pay later apps and about one in five rely on them to buy groceries. Some 27% are using the loans as a bridge to their next paycheck. From Bloomberg News and iHeartRadio, it's the big take.
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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