Brittany Luse, host of It's Been A Minute, expresses her struggle with buying a new couch due to high costs. She notices the growing trend of 'buy now, pay later' (BNPL) options, which are becoming increasingly popular, particularly among young people and those with poor credit. The ease of access to these loans compared to traditional credit options intrigues her. However, she raises concerns after learning many BNPL users utilize these loans for everyday necessities like food, prompting reflections on the implications of such financial practices.
"I can feel the frame through the padding... I'm not even inviting my friends over because I don't want them to sit on this couch. They deserve better than this!"
"Typing in my credit card number for a $4,000 couch just doesn't feel right. It's just a big commitment..."
"The reason for that is because the barrier to entry is a lot lower for 'buy now, pay later' loans than your typical credit card or bank loan."
"And after finding out from a LendingTree survey that 25% of BNPL users use the loans for everyday purchases like groceries, Brittany wondered about the risks of a necessity like food entering the BNPL universe."
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