Americans are increasingly using "buy now, pay later" (BNPL) plans to manage their finances. With credit card debt soaring to $1.12 trillion, many are turning to BNPL to cover everyday expenses. These "phantom debts" don't appear on credit reports, making them attractive yet potentially dangerous. According to NerdWallet, BNPL is now the second-most popular credit option. Experts warn that while these plans offer short-term relief, they could lead to long-term financial strain. As groceries and personal care items remain pricey, more consumers are relying on BNPL. However, changes to this payment structure are on the horizon, raising questions about its future impact.
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