This holiday season, shoppers are projected to spend 11.4% more using buy now, pay later services, totaling $18.5 billion, despite ongoing inflation and debt concerns.
Buy now, pay later options appeal to younger consumers and those with low credit scores, as they offer a more accessible way to make purchases without impacting credit histories.
With new regulations from the Consumer Financial Protection Bureau, buy now, pay later companies are now required to offer mechanisms for refunds and dispute transactions, protecting consumers.
Consumer advocates warn that using credit cards with buy now, pay later plans could lead to additional interest charges and penalties, complicating debt management for shoppers.
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