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Smart Spending or Debt Trap? Unpacking BNPL Trends

Smart Spending or Debt Trap? Unpacking BNPL Trends

Bankrate's survey reveals that 39% of U.S. adults have used buy now, pay later (BNPL) services, with PayPal Pay in 4/Pay Later, Affirm, Afterpay, and Klarna as top choices. While BNPL offers an interest-free way to spread payments, 56% of users experienced issues, such as overspending and missing payments. Millennials (55%) and urban residents (46%) are the most frequent users, although usage is consistent across income levels. Credit reporting for BNPL is minimal; however, Apple reports to Experian, indicating a shift. With the rise of BNPL, experts advise budgeting, avoiding impulse buys, understanding terms, and limiting concurrent plans to prevent financial strain.

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