Micro-trends on social media, fueled by influencers, are leading many young consumers into a dangerous cycle of impulsive buying and debt accumulation through Buy-Now-Pay-Later (BNPL) services like Klarna and Affirm. These platforms create an illusion of affordability, making it easy to purchase trendy items without immediate financial consequences. However, this convenience can mask the true costs, leading to a debt spiral that is hard to escape. Experts warn that the lack of regulation surrounding BNPL services allows consumers to accumulate multiple debts without proper affordability assessments, often resulting in late fees and financial distress. Personal stories from individuals like Jess Riley and Toni-Ann highlight the psychological pressures of keeping up with ever-changing fashion trends and the struggle to break free from the cycle of spending. To combat this issue, financial therapists recommend a shift in mindset towards prioritizing needs over wants and saving for purchases outright, rather than relying on BNPL schemes.
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