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Gen Z embraced buy now, pay later payment systems

Jan 13 2023

– but they may be getting out of hand. YPulse holiday shopping data found that 41% of 13-39-year-olds agreed “I’ll be using pay-in-installment services (e.g. Klarna, Afterpay, etc.) to shop for the holidays so I can buy what I want.” According to the Consumer Financial Protection Bureau, “from 2019 to 2021, the total value of buy-now, pay-later (or BNPL) loans originated in the United States grew more than 1,000 percent, from $2 billion to $24.2 billion.” More young people than ever are using these services, but while most value the transparency of how long it will take to pay off a purchase, it’s negatively impacting their credit regardless. One financial expert at Harvard says BNPL’s popularity is due to the fact that “Gen Z was skeptical of credit cards, possibly because many of them had seen their parents sink into debt.” (The Atlantic)