More Americans Using Buy-Now-Pay-Later Options, but Expert Warns to Tread Carefully

by CORY SMITH | The National DeskThis image comes from video made available by buy-now-pay-later company Affirm as part of a media kit. More Americans are using buy-now-pay-later options at checkout, but a personal finance expert is sounding the alarm.

He’s been tracking buy-now-pay-later trends for a while, but this is the first survey he and Bankrate have done focused solely on the option. But Rossman said terms vary tremendously. And rates might not be as low as you think, especially for longer-term plans. “Sometimes this really incentivizes impulse buys,” he said. “It's integrated into that e-commerce checkout flow. You kind of lose sight of the total cost, and you focus just on the installments.”“Retailers are very much on board with this concept, even though it costs them more in processing fees than credit cards,” he said.

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