Americans get into debt using Buy Now, Pay Later services – RetailWire

Consumers in increasing numbers have been drawn to Buy Now, Pay Later (BNPL) installment plans as a means to pay for their purchases. Many are finding a serious financial downside to not paying for their purchases on time. “The opportunity to stack your debt by using multiple Buy Now, Pay Later loans through multiple service providers is one of the biggest risks I see,” said Terri R. Bradford, a research specialist in payment systems for the Kansas City Federal Reserve.