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“Over a third of Americans have missed payments for Afterpay, other ‘buy now, pay later’ services”

““Buy Now, Pay Later” services, such as Affirm, Afterpay, and Klarna, are gaining popularity with Americans — a whopping 74% of shoppers say they have used them, according to a Breeze Survey of 1,500 Americans taken from January 4 to January 7

“It is sexy to think you can get something that you can’t afford,” says Mark La Spisa, a certified financial planner and president of Vermillion Financial. “That’s the illusion that is going on.”

This illusion is costing some Americans significantly. More than half, 57% of Americans, said the service caused them to spend outside their means and 36% of users said they missed or made a late payment, which can sometimes result in late fees…”

https://grow.acorns.com/affirm-afterpay-klarna-dangers-of-buy-now-pay-later/

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