Buy now, pay later options are becoming more accessible to consumers.
A quarter of Americans surveyed in April 2024 said they used buy now, pay later services in the past 12 months, according to a recent report from NerdWallet.
The number of buy now, pay later loans increased nearly 1,100% between 2019 and 2021, according to data compiled by the Consumer Financial Protection Bureau.
The rapid growth has some analysts concerned because where there are loans, there is debt — but exactly how much debt is still unclear.
The FTA is a trade group that represents four of the largest buy now, pay later providers: Klarna, Afterpay, Zip and PayPal.
Persons:
Shannon Grein, Penny Lee
Organizations:
Consumer Financial, Bureau, CNBC, Financial Technology Association, PayPal
Locations:
NerdWallet, Wells