New data reveals a rise in the use of 'buy now, pay later' (BNPL) services for grocery shopping among American consumers. Traditionally used for bigger purchases like electronics or furniture, BNPL is now increasingly being used to finance everyday necessities. A recent survey highlights this trend, suggesting that many individuals are turning to these payment plans to manage their grocery bills.
Financial experts caution against relying on BNPL for essential items. While BNPL can offer flexibility, it's crucial to understand the terms and potential fees. Missed payments can lead to late charges and negatively impact credit scores. Consumers are advised to carefully budget and consider alternative options before using BNPL for groceries. The increasing adoption of BNPL for everyday expenses raises questions about financial stability and responsible borrowing practices.
More Americans Use 'Buy Now, Pay Later' for Groceries
A growing number of Americans are using 'buy now, pay later' (BNPL) plans to purchase everyday items like groceries, according to a recent survey. This trend indicates a shift in how consumers are managing their finances. While BNPL services were initially popular for larger purchases, their use for essential goods raises concerns about debt management. Experts advise careful budgeting when using these payment options.
Source: Read the original article at CBS