Buy Now Pay Later Statistics Show Concern for Retail Banking Consumers
Lending Tree survey showed that these plans are being used as short-term loans
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- Written by Banking Exchange staff
This week, a Lending Tree survey showed that buy now pay later plans are not being used simply for larger purchases but for the purposes of short-term loans.
More than a quarter of consumers who are using the service are using it for common purchases such as groceries.
Additionally, the survey showed that 40% of people that responded to the survey stated that they had to pay a late payment anyway.
Consumers are having trouble keeping up with high interest rates. While real estate still seems stable, the survey causes concern for American consumers’ credit ratings, which can lead to more concern.
The figures are up substantially from 2024, signaling a snap in consumers’ ability to maintain present spending habits.
These loans, often through banks, are in addition to rising credit card debt.
Tagged under Retail Banking, Feature, Feature3, The Economy, Consumer Credit, Mortgage Credit, Customers,
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