This Black Friday, a cartoon bear wants you to buy now and pay later — I’ve written a lot about the pain of buy now, pay later loans. In short, while Buy Now, Pay Later CAN provide relatively easy access to small-dollar credit at rates that are comparatively better than payday loans, the profile of BNPL borrowers seems to suggest that these loans are adding…

You’ll only have to join the Cartoon Bear Club — Need groceries? Fuel tank a little low? Maybe you want something flavored with pumpkin spice? No worries! The friendly cartoon bear over at the Dave App has you covered. Just take an “easy” cash advance from their lending club and you’re on you way. Full of coffee, gas, and groceries. …

A week of consumer finance news — While some surprises can be welcome, the type of surprise that leaves you with a negative mark on your credit report and an overdraft fee in your bank account is not one of them. However, more and more consumers are using short-term, installment loans to pay for basics like groceries. Hungry for Debt? Debt trap danger lurks at the grocery checkoutadvocateandy.medium.com

Debt trap danger lurks at the grocery checkout — $17 trillion. That’s the current total of debt held by Americans — a new record! We’re always winning! That total includes a staggering $1 trillion in credit card debt. While inflation has led to soaring corporate profits — or, maybe the profit padding is part of the inflationary problem —…

Affirm seeks to differentiate in a crowded market — Buy Now, Pay Later lenders are everywhere — offering consumers a chance to take products home today and pay over time. With only 25% of the purchase price due at the time of sale, customers make the remaining payments in installments usually two weeks apart. …

It’s a warning about the economy — We’ve got a problem. I’ve been writing about it for a bit. The reality of buy now, pay later is that it is masking income inequality. It’s masking the makings of a great recession … or, a depression. Everything is ok — because I can “pay in four.” …

Profile of an emerging small-dollar credit market — The explosive growth of small-dollar credit product Buy Now, Pay Later (think products like Klarna, Affirm, Afterpay) has caused some concern among consumer advocates. The products are not regulated like traditional credit products and they can, if overused, lead to a cycle of debt that is difficult to escape. The…

Buy now, pain later — the essence of late-stage capitalism — It seems that every day I read a new story about the ever-expanding small dollar credit craze known as Buy Now, Pay Later (BNPL). I’ve written about how one of the world’s largest retailers is getting in on the BNPL credit act. Why is a Giant Retailer Building a Buy Now, Pay Later Business? It must be the money!advocateandy.medium.com Today, I read about BNPL as a financial…

It must be the money! — I noted recently that Walmart is building a Buy Now, Pay Later application as a way to keep more revenue as the short-term financing solution gains popularity. Walmart to Enter Crowded Buy Now, Pay Later Space Will short-term loans become a new profit center for the retail giant?advocateandy.medium.com However, it’s not merely about capturing revenue. Kim Rowley explains more about the BNPL revenue model.

Will short-term loans become a new profit center for the retail giant? Buy Now, Pay Later is everywhere — online, at point of sale, anywhere consumers are spending more than $100 it seems, there’s an option to pay in four installments. …

This year’s gifts bring short-term joy, long-term stress as consumers rack up billions in debt — A recently released survey shows that roughly half of Americans are taking on new short-term debt this holiday season in order to finance gift giving. The survey, by DebtHammer, reported: About 50% of shoppers are planning to take on new short-term debt this year during the Christmas season to cover…

Sure, it’s convenient — but it can also be costly — It was not long ago that the holiday shopping season meant putting items on layaway. You’d find that perfect gift, pay a percentage of the cost to the store so they would hold it for you, and pay in full before gift giving time in order to retrieve your gift. …

Fraud attempts impact both retailers and consumers — Buy Now, Pay Later is everywhere — from online retailers to traditional stores — even groceries. Warm and Fuzzy Grocery Debt? The dark side of Buy Now, Pay Lateradvocateandy.medium.com It’s no surprise, then, that scammers have found ways to game the system — leaving both retailers and customers on the hook for their antics. Scambusters reports on the growing number of Buy Now…

Fintech seeks to gain traction in healthcare financing market — Medical debt is a significant problem that impacts the budgets and cashflow of millions of Americans. The Pain of Medical Debt Report shows inaccurate bills, coercive debt collectionsadvocateandy.medium.com A Consumer Financial Protection Bureau (CFPB) report indicates Americans have $88 billion in medical debt in collections on their credit reports.

Convenient product carries risks for consumers — Buy Now, Pay Later — once the convenient way to “pay in four” for beauty and apparel — has expanded its reach into nearly every sector. This includes groceries. Warm and Fuzzy Grocery Debt? The dark side of Buy Now, Pay Lateradvocateandy.medium.com Jason Mikula of Fintech Business Weekly breaks down a recently released report from the Consumer Financial Protection Bureau (CFPB) that details…

As buy now, pay later products expand access to credit, consumers should be aware of risks — As Buy Now, Pay Later products grow in popularity, it is important for consumers to understand the potential harms of using these products. While Buy Now, Pay Later — products such as Klarna, Sezzle, Afterpay, and others — are incredibly convenient, they do carry risks. Pros and Cons of Buy Now, Pay Later: Onion Style Satire site takes on popular way to buy stuff you can’t affordadvocateandy.medium.com

Infraction leads to customer refunds — I’ve written quite a bit recently about the growing Buy Now, Pay Later industry. Warm and Fuzzy Grocery Debt? The dark side of Buy Now, Pay Lateradvocateandy.medium.com Today’s installment comes from an article by Jason Mikula in Fintech Business Weekly. Mikula notes that a California regulatory board has cited Buy Now, Pay Later operator Four for operating without a license.

Consumer Bureau issues a warning in the Buy Now, Pay Later space — Apple is making a foray into the Buy Now, Pay Later space with a product called Apple Pay Later. The idea is that customers who are already using their phones to pay for purchases will appreciate the seamless ability to add a buy now, pay later feature. Apple Takes a Bite Out of Buy Now, Pay Later Will the quest for quick cash poison profits?advocateandy.medium.com

Consumers report pressing need to cover basic expenses — A recent survey sponsored by nonprofit DebtHammer indicates that consumers are struggling in an inflationary economy. Among the key findings: Consumers are using payday loans to cover basic expenses like groceries and utility bills. According to the survey: About 23% said they’ve had to use a short-term loan to cover…

The dark side of Buy Now, Pay Later — I’ve written quite a bit recently about the convenience and ubiquity of Buy Now, Pay Later (BNPL) products such as Sezzle, Klarna, Afterpay and others. Buy Now, Regret Later? Survey: 1 in 5 consumers regret their Buy Now, Pay Later decisionadvocateandy.medium.com So, a recent piece by Mary Finnegan that takes a deep dive into the world of BNPL caught my attention.