New York CNN —Americans who are already facing some financial difficulties are more intensive users of “Buy Now, Pay Later” offerings, with the majority of them tapping the short-term installment payment programs five or more times a year, according to new research released Wednesday by the Federal Reserve Bank of New York. Researchers found that almost 60% of financially fragile consumers have used Buy Now, Pay Later five or more times a year, with nearly 30% of them conducting 10 or more of the BNPL transactions annually. “More-fragile households tend to use the service to make frequent, relatively small, purchases that they might have trouble affording otherwise,” researchers wrote in the post. Buy Now, Pay Later offerings have exploded in use and availability in recent years, allowing people to make (often short-term) installment payments on furniture, travel, concert tickets, food delivery and even the grocery store. )”Some of the greatest downside risks for consumers are when they stack multiple BNPL loans and then pay for those programs with a credit card, economists and researchers have previously told CNN.

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