Amanda Holpuch reports in the Times:
Chuck Bell, advocacy program director at Consumer Reports, said “buy now, pay later” loans can be manageable for many people. He advised that these loans should be used selectively, that customers should be aware of when their payments are due and ensure that they have the money to pay the loans back.
“If you don’t pay the bill on time and you start getting multiple late fees, it could end up being a very expensive chile relleno or pad Thai,” Mr. Bell said.
Research has shown that “buy now, pay later” loans are more often used by people who are already in debt. [emphasis added]
Mr. Bell said that these loans could cause problems for people who have many loans and who use them to finance a recurring expense, such as food.
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