The bedbug thing was so awful that I just sprang for it without thinking that much. I was so relieved because I wouldn’t have been able to afford it otherwise. I saw that I could pay for it in monthly installments over a year. I still don’t have a real bed, but I needed to buy a new mattress so I had somewhere to sleep. Then my apartment got bedbugs in October and I had to get rid of my bed and mattress and everything.
I’ve never been great with money, but it’s hard to keep track of my income because it comes from different places and it isn’t consistent.
I was working a couple of jobs as a restaurant server, but my shifts kept changing. “I know it was irresponsible of me, but I just tried to put the payments out of my mind because I was already under so much stress.” -Mia, 22, restaurant server in Texas What happens if you can’t make your payments? Here, three people talk about how they’ve managed their BNPL habits and what they’ve learned along the way. And with a growing customer base comes growing delinquency rates as well. Research has found that customers who use BNPL tend to spend more than those who don’t. Many people regard these as lower-cost alternatives to credit cards and find them easy to use. Since then, other fintech giants like Apple Pay and Shop Pay have jumped onboard too.Įach BNPL platform has a slightly different system, but the core business model is basically the same as an old-school layaway loan - you hand over your financial information and pay for a purchase over a fixed period of time. from the top five lenders (Klarna, Affirm, Afterpay, PayPal, and Zip) ballooned by nearly 1,000 percent, according to a 2022 report from the Consumer Financial Protection Bureau. Between 20, the number of BNPL loans in the U.S. The appeal was obvious: With so much economic uncertainty, why would you part with a chunk of cash when you could spread out payments over a period of time with little to no interest? I remember considering the downsides of buying an air fryer with Klarna there were none I could think of. Photo-Illustration: by The Cut Photo: Getty ImagesīNPL services (“buy now, pay later”) took off in the early days of the pandemic when people were buying everything from Pelotons to office chairs to groceries online.
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