Much has been made about how buy now, pay later (BNPL) debt will impact consumer credit, but the rising popularity of this accessible loan could have another meaningful effect: an increased demand for debt consolidation.
Debt consolidation loans — personal loans used to group multiple debt balances — could become a last, best resort for those who qualify.
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“As lenders get a better feel for the full debt load, I believe there’s going to be an opportunity to actually consolidate some of these and actually put consumers in a better position,” says USAA head of product Scott Serpico. “By looking at those buy now pay…