Buy-Now-Pay-Later Debt Surge: A Financial Warning Sign

Buy-now-pay-later services, once used for luxury items, now finance basic necessities for over 22 million Americans, indicating financial struggle. Default rates are rising, with 42% of users making late payments this year. The lack of transparency, as these loans arent reported to credit bureaus, creates phantom debt, making it difficult to assess borrowers true financial situation. This situation, while not yet a systemic threat, is worth watching due to the potential for significant problems down the road.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.