“Over a third of Americans have missed payments for Afterpay, other ‘buy now, pay later’ services”
January 19, 2022
““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/