Buy Now, Regret Later?
Survey: 1 in 5 consumers regret their Buy Now, Pay Later decision
Buy Now, Pay Later — services like Klarna, AfterPay, Sezzle, and others — seem like a super convenient way to get what you need (or want) now and manage the purchase over a few smaller payments.
However, a survey released by DebtHammer suggests that a significant number of consumers end up regretting the decision — and many skip other bills in order to manage their BNPL payments.
The Struggle is Real
The survey revealed that while BNPL plans can seem like a great idea, the result can be a delicate balancing act to manage payments and other bills.
32% of Buy Now Pay Later plan users have had to skip paying an essential bill such as rent, utilities or child support in order to make their payments. Even after that, 30% report that they’ve struggled to make their payments.
Respondents also indicated they regretted the decision once they were in the payment phase of the plan and that more than half of consumers are paying back more than one BNPL loan at once.
More than 45% of Americans have now signed up for at least one Buy Now Pay Later plan. That’s compared to 31% as of April 2021 — a 41% increase in usage over 10 months. Of those…
