Americans — and mainly Gen Zers — have been increasingly tapping Buy Now, Pay Later services for instant gratification and delayed payment.The services essentially do what they say on the tin. Shoppers using BNPL take on short-term, often interest-free loans to pay for their purchases and sign on to a scheduled repayment plan to pay back the debt.
"Buy now, pay later is the new version of the old layaway plan, but with modern, faster twists where the consumer gets the product immediately but gets the debt immediately too," Rohit Chopra, the bureau's director, said in a statement. Gen Z is also the most likely to be caught off guard when student loan repayment is set to resume in May. The generation's oldest members have spent more time post-graduation with their payments frozen than not due to the federal government's pandemic moratorium. The May 1 deadline could be"concerning" for those who can't balance student loan obligations with delayed BNPL payments, Torres said.
FinanceInsider What’s new? GenX did this 20 years ago
Three cheers for consumer debt.
为什么政府对Z一代最喜欢的新消费方式表示不满：“现在买，以后付”
Why is he looking to me like Ronaldo 😭
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