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Navigating the Pitfalls of Buy Now, Pay Later Services

Navigating the Pitfalls of Buy Now, Pay Later Services

Nearly 56% of consumers using Buy Now, Pay Later (BNPL) services have encountered issues, according to a recent Bankrate survey. BNPL allows buyers to purchase items and pay in installments, often without initial payments. This payment method has grown significantly, with major companies like PayPal and Apple offering their versions. The service appeals particularly to younger consumers, with about 40% of Americans having tried BNPL. Despite its convenience, BNPL can lead to overspending as the smaller periodic payments mask the total expense. Additionally, BNPL is not as regulated as traditional credit, leading to potential problems with delinquent payments and disputes over returns. Consumers are advised to fully understand the terms and consider automatic payments to manage their finances better.

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