"The Growing Influence of 'Buy Now, Pay Later' on Consumer Spending"

Buy Now Pay Later (BNPL) plans are gaining popularity, particularly among financially fragile individuals, who are more likely to use BNPL at higher frequencies and for medium-size, out-of-budget purchases. The financially stable tend to use BNPL for a few high-priced items to avoid paying interest. However, missing payments can lead to accruing interest, contributing to financial stress and delinquencies, especially among renters facing increasing costs. The study suggests that there is still potential for increased adoption of BNPL, but it also highlights the potential risks and financial implications for users.