Buy Now, Pay Later (BNPL) services like Klarna and Shop Pay are becoming increasingly popular. A LendingTree study reveals that 43% of Americans have used BNPL, but 34% of them paid late last year. Late payments can lead to interest, fees, or even loss of service. Additionally, 43% of users regret their purchases due to overspending. LendingTree’s chief credit analyst, Matt Schulz, advises caution. BNPL is a loan, and users must understand the terms and consequences. Schulz also recommends limiting BNPL purchases to better manage payments.
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