The increasing popularity of Buy Now, Pay Later (BNPL) services is revolutionizing how consumers make purchases. These services, offered by companies like Affirm, Klarna, and Sezzle, allow shoppers to break down their payments into smaller, interest-free installments spread over several weeks. While this payment method can be convenient and appealing — particularly for those who find it challenging to pay upfront — it also comes with significant risks. Shannon Doyle of Lutheran Social Service highlights that the ease of accessing multiple BNPL plans simultaneously can make it difficult for users to keep track of their bi-weekly payments. This could lead to missed payments, triggering high late fees and potential interest charges, which can quickly add up and create financial strain. Therefore, while BNPL can be a useful tool for managing expenses, it's essential for consumers to use it judiciously and remain vigilant about their payment schedules to avoid falling into a debt trap.
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