"Beware the Pitfalls: Buy Now, Pay Later Users Share Cautionary Tales"

Some consumers are regretting using buy now, pay later (BNPL) services due to overspending and financial strain, with one individual accumulating $6,000 in BNPL loans over two years. Financial experts warn of risky spending on BNPL platforms, as users tend to consume extra and incur more fees and interest. The Consumer Financial Protection Bureau found that BNPL users had higher credit card utilization rates and lower credit scores than non-BNPL borrowers, with Black and Hispanic consumers being more likely to borrow on BNPL. While BNPL services offer payment flexibility, some lawmakers and consumers are calling for more scrutiny and caution when using these services.