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Buy now pay later services are rapidly racking up debt for Gen Z consumers.

Jun 08 2022

Buy now pay later services are rapidly racking up debt for Gen Z consumers. Gen Z females in particular are taking advantage of BNPL on fashion sites like Boohoo and Nasty Gal, where they tell themselves that they maybe couldn’t afford a new clothing haul now, but they could if they were to pay in small installments. But as one 26-year-old influencer explains, “that’s how you get into a sticky situation, because when you have several purchases at once, all of a sudden, you have payments that are hundreds or thousands of dollars.” Because no credit is required to use services like Afterpay and Klarna, young consumers are finding themselves with spending power they never had before–but many are finding themselves in debt as they overspend without realizing the consequences. YPulse’s Shopping and Retail Report, reported that 29% of 13-39-year-olds have used a BNPL service and “according to a survey conducted by Piplsay, 43 percent of Gen Zers have missed at least one payment.” (Elle)