Buy now, panic later

BNPL is a friendly jingle, and younger generations have taken the bait.

Singdhi Sokpo

Today, more than war and death, younger generations are afraid of debt.

It’s one reason “Buy Now, Pay Later” platforms do ~$100B in sales and are growing at a 40% clip. “BNPL” is a friendly jingle, and the youths have taken the bait.

Unfortunately, data shows they’re struggling with the “pay later” part:

  • In the U.S., 50%+ of Gen Zers and millennials say they’ve missed at least 1 BNPL payment.
  • ~8% of the UK’s BNPL Gen Zers have been contacted by debt collectors.

Fortunately, regulators are catching on, and bureaus are now starting to follow BNPL activity on credit reports.

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