Many Americans are increasingly relying on buy now, pay later (BNPL) services during the holiday season, projected to reach $18.5 billion in spending, growing 11.4%.
The expected increase in BNPL spending is greater than the overall holiday spending forecast. This trend may hurt credit card users if the bill isn't paid off promptly.
Consumer advocates warn that using credit cards to fund BNPL purchases can lead to a dangerous cycle of debt, as interest and fees accumulate.
With net charge-off rates for credit cards at their highest level since 2011, many shoppers might find themselves in a challenging financial position.
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