Buy. Now, pay later isn't just financing genie's
online shopping habits. It's helping families put food on
the table. Us consumers are increasingly using the installment
loans to pay for everyday items including groceries. That's
highlighting the financial pain brought from the worst inflation outbreak
in four decades to have a nutritious diet. A
family of four must spend at least$1000 a month
on groceries according to the US Department of Agriculture.
And that's up about$675 from two years ago.
Now, almost half of Americans have used buy.
Now pay later apps and of those about one in
five, rely on them to buy groceries and some
27% are using the loans as a bridge to their
next paycheck. The buy. Now pay later model
has allowed users to spread payments out evenly without recurring
interest. And that's made it an attractive alternative to
credit cards, especially when interest rates are hitting their
highest level since 2007. But that convenience can turn
into a catastrophe if users fall behind on payments and
allow late fees to pile up, that can hurt
your credit score, which is particularly dangerous to younger
consumers and people of color who tend to have less
wealth to begin with.