"Buy now, pay later" services gained much traction during the pandemic. With money tighter than ever for many families, a new report in Bankrate said more than a third of adults in the U.S. have tried buy now, pay later, or BNPL services.But now we're starting to see potential drawbacks to using these platforms.College financial counselor Lisa Fails educates college students about basic money matters, including the risks of these programs.
A recent Bankrate survey found that 39% of adults have shopped using buy now, pay later services from lenders like PayPal, Affirm, Afterpay or Klarna. They allow you to split purchases into installments with no or minimal interest, unlike a credit card that can charge 20% APR in some cases. "It really helps because many college students, especially freshmen, don't have a job per se," student Kayla Knapper said.
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