As inflation soars, more shoppers turn to “Buy Now, Pay Later”
01:55
As prices continue to rise, more consumers are buying everyday essentials using payment plans known as “Buy Now, Pay Later.” Most of these payment plans allow shoppers to split purchases into four biweekly payments with no interest. Longer term plans have interest rates up to 30 percent, which rivals the highest credit card rates. Late payments can result in fees and damage credit scores. Now some consumer advocates are sounding the alarm.July 15, 2022
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