A survey by Achieve reveals that consumers find buy now, pay later (BNPL) options more convenient than credit cards due to interest-free payments and easy approvals. However, 78% acknowledge the risk of financial overextension with BNPL. The survey highlights that 34% of users prefer BNPL to avoid interest, while others appreciate the ease of use and qualification process. Notably, BNPL often serves as a last-resort credit option for those with poor credit or high existing debt. The repeat usage rate is high, with 78% using BNPL multiple times, and many believe it positively impacts their financial situation. Despite the attractiveness, there's concern over BNPL's potential harm if not managed responsibly, particularly among debt-stressed consumers. Achieve emphasizes the need for responsible borrowing and offers tips such as using autopay and tracking all BNPL transactions to avoid financial pitfalls.
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