Speaking of BNPL…it’s putting some young users in real debt. BNPL has morphed into mainstream spending, and Gen Z sits at the center. Half of Americans have used it, and about half of users are under 33-years-old. Total purchases hit $120B last year, up from $2B in 2019, with everything from truly expensive buys like Coachella tickets to everyday, affordable ones like burritos, now payable in installments. But for many young users, it’s blurring the line between a budgeting tool and a debt trap. Analysts warn the “pay later” boom is reshaping spending itself, as the industry moves toward an all-in “payments economy” that makes every swipe feel affordable—until it isn’t. BNPL was the promise of financial freedom, but some young people feel it’s starting to look a lot like the fine print was more than they signed up for. (NYT)
👀 Read more from YPulse: Is Gen Z Really Doom Scrolling and Doom Spending?
