KQED's Forum You Can Buy a Burrito on Installment. But Should You?
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Oct 24, 2025 
Julie Margetta Morgan, President of the Century Foundation and former CFPB director, delves into the complexities of buy-now-pay-later (BNPL) services and their surprising impacts on consumer behavior. Amy X. Wang, a New York Times Magazine story editor, shares cautionary tales of emotional spending resulting from these services. Annie Joy Williams, from The Atlantic, discusses personal experiences with BNPL and its marketing tactics targeting women. Together, they explore the blurry line between convenience and debt, highlighting necessary regulatory changes.
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Sorority Dress Splurge Leads To Debt
- Annie Joy Williams first used Afterpay at age 20 to buy multiple dresses and intended to return most before the second payment.
- The habit desensitized her to carrying a balance and later led to credit card debt.
Merchants Subsidize The Loans
- Julie Margetta Morgan explains these firms mostly earn from merchant transaction fees, not consumer interest.
- That incentive pushes retailers to offer BNPL to increase basket size and prices.
Buy-In-As-Cheat Code For Luxury
- Amy X. Wang interviewed Elisa Berman who used BNPL to buy luxury items to mimic wealth she admired.
- Elisa felt the services were a "cheat code" that unlocked aspirational purchases.