Consumer Advocates Call for Regulation of Buy Now, Pay Later Loan Products

Credit Products Could Create Debt Traps

Andy Spears
6 min readNov 2, 2021

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The National Consumer Law Center (NCLC)recently presented testimony about “buy now, pay later” (BNPL) products before the House Financial Services Committee’s Task Force on Financial Technology. The bottom line: These products — such as AfterPay, PayActiv, and other BNPL and earned wage access (EWA) — often carry high fees/interest rates and can lead to a debt trap or persistent cycle of borrowing.

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Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .