“It sounds too good to be true, and it is, in many ways, because there are perils for people who use this.” Buy-now-pay-later apps could promote overborrowing in a generation already struggling with high debt and poor credit.
had never heard of Klarna when she noticed its bright pink logo while checking out at Sephora.com with $165 in skin care products.
Soon Voechting began regularly using not just Klarna but also similar services, including Quadpay and Affirm, to buy makeup, clothing, airline tickets and expensive lounge wear she acknowledged she “would not have purchased otherwise.”Voechting is one of millions of young Americans with scant or subprime credit histories who are using so-called buy-now-pay-later apps every month.
The apps are taking off among millennials and Generation Z consumers attracted by the ability to bypass traditional credit cards and still delay payments with no interest. “It sounds too good to be true, and it is, in many ways, because there are perils for people who use this,” said Jamie Court, president of Consumer Watchdog.
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