NEW YORK, Nov 28 — Krista Michels can’t get enough of the online services that allow American shoppers to pay for everything from Christmas presents to monthly bills without fees, known as “buy now, pay later.”She first turned to these solutions offered at check-out stores or online to rebuild her credit rating, which was too low to access a traditional credit card.
“The concern is that people could get overextended if they’re not careful,” said Chuck Bell, a program director at Consumer Reports.The concept of paying in instalments is nothing new in American commerce, but the disruptions of the Covid-19 pandemic were a boost to these new services, as more shoppers bought online.
“It’s practical, it saves consumers because of lower interest costs and it’s disruptive,” said Kenneth Leon, CFRA’s banking industry specialist. Michels, the shopper from Washington state, admits that the risk is there. She has never missed a payment on anything she’s purchased, but she spends more than she usually would.The plethora of offerings with different terms has consumer advocates worried that shoppers may wind up behind on payments.
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