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As ‘Buy Now, Pay Later’ Surges, a Third of US Users Fall Behind on Payments

Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.

A third of U.S. consumers who used “buy now, pay later” services have fallen behind on one or more payments, and 72 percent of those said their credit score declined, a new study published by personal finance company Credit Karma showed. The study, conducted by software firm Qualtrics, surveyed 1,044 adult consumers in the United States last month to measure their interest in buy now pay later (BNPL) and found 44 percent had used these services before. The usage figure was slightly up from a similar survey conducted by Credit Karma for Reuters in December, while missed payments was down from 38 percent. The latest survey found younger consumers were more likely to miss payments. More than half of Gen Z or millennial respondents—those born between the early 1980s and mid-to-late 1990s—said they had missed at least one payment. That compares with 22 percent of Gen X, who were born …

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