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Low-Income Consumers Lean on Installment Payments Amid Rising Debt

Low-Income Consumers Lean on Installment Payments Amid Rising Debt

Bank of America reports that low-income consumers with high credit card debt are increasingly relying on installment payment services. Despite a slowdown in the overall adoption rate of buy now, pay later (BNPL) services, heavy usage among certain households continues to climb. Findings reveal that households making 20 or more BNPL payments per month have seen a 15% increase in debit and credit card spending since 2019. Moreover, BNPL users tend to have higher average credit card balances and may be in a more precarious financial situation than the average household. The trend indicates that many consumers turn to BNPL for both necessity and convenience, particularly for purchases under $250.

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