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Shoppers Turn to Buy Now, Pay Later Amid Financial Struggles

Shoppers Turn to Buy Now, Pay Later Amid Financial Struggles

As economic pressures mount, a recent study reveals that consumers facing financial challenges are increasingly turning to buy now, pay later (BNPL) options to manage their budgets. The PYMNTS Intelligence report surveyed over 2,600 U.S. consumers, highlighting that 26% of those living paycheck to paycheck and struggling to pay bills are likely to use BNPL services in the next year. This contrasts with 21% of those who live paycheck to paycheck but are not struggling financially. For consumers who are more financially stable, only 10% anticipate using BNPL in the same timeframe. The growing popularity of BNPL services is evident, especially among those in economic distress, but the regulatory landscape remains uncertain. With the Consumer Financial Protection Bureau (CFPB) proposing new regulations, the future of BNPL options may be influenced by how companies adapt to these changes. As shoppers seek financial tools, BNPL services are becoming a crucial part of their budgeting strategies.

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