"Buy Now, Pay Later" financing while convenient can lead to overspending and debt accumulation.
The Division of Consumer Protection warns that while “Buy Now, Pay Later” financing is convenient, it can carry significant risks including debt accumulation, impulsive purchasing, and promotion of overspending. Sources say consumers spend more when using these deferred payment services. The state reports that the use of BNPL is trending higher than ever with younger consumers having the highest usage rate through purchases on-line. The Consumer Protection Division agrees these loans can be useful in times of necessity if payments are made on time and completed within the specified interest-free period. That’s because, they say, some providers charge penalty interest rates or late fees for missed payments, which can quickly increase the overall cost of the purchase.

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