MILLIONS of Americans are struggling to overcome debt, and a popular payment option may be causing more issues.
The popularity of buy now, pay later (BNPL) plans have skyrocketed in recent years among consumers.
BNPL, or point-of-sale loans, allow a buyer to pay for goods over a period of set installments while still getting the product the want up front, right away.
Installments to pay off the item are also typically interest free, so long as they are made on time, making them more appealing than putting another purchase on the credit card.
While the concept itself isn’t necessarily new, as it’s been known as “layaway” in the United States or…