Buy Now, Pay Later Loans Can Trick Consumers Into Overspending: Analyst

Don Ma
By Don Ma
June 20, 2024Business Matters

The Consumer Financial Protection Bureau has reported a staggering 1,100 percent increase in buy now, pay later loans between 2019 and 2021. With so many consumers opting to buy now, pay later, NTD spoke to a senior industry analyst at Bankrate, Ted Rossman, about the benefits and downfalls of the option. Mr. Rossman warns that the low payments can trick consumers into overspending.