More Americans use loans for basic needs, like groceries

The rise of BNPL services in the US comes as inflation sends the costs of essentials soaring

Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • Hard-up Americans are now taking out loans to pay for GROCERIES using ‘buy now, pay later’ apps which offer instant credit but can charge hefty fees for late payments
  • Use of ‘buy now, pay later’ services for basic goods is rising quickly in the US
  • In 2021, $45.9 billion in pay-later transactions were made online, a sharp increase from $15.3 billion the year before
  • Apps like Klarna and Afterpay offer installment payments with no interest
  • But they can charge hefty late fees and critics say they lure consumers into debt
  • More people are using BNPL services to buy groceries and dine at restaurants
  • Americans can even pay for a Chipotle burrito with an installment plan now
  • Pay-later firms say they offer a better alternative to high-interest credit cards

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