The Rise of 'Buy Now, Pay Later' for Daily Essentials

SOURCE www.nbcnews.com
Young people are increasingly using 'buy now, pay later' services for daily essentials, not just luxury items. This trend reflects the growing popularity of installment loans among millennials and Gen Z, as they adapt to higher prices and seek convenience and flexibility in their purchasing habits.

Key Points

  • Installment loans for daily essentials are becoming more common among young adults
  • BNPL services offer convenience and flexibility in payment options
  • Some users worry about the potential risks associated with increased usage of BNPL services

Pros

  • Provides convenience and flexibility in managing finances
  • Allows users to make essential purchases without high interest rates

Cons

  • May lead to risky spending behaviors if not managed responsibly
  • Low-dollar installment loans can add up and become burdensome