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The percentage of credit card balances in serious delinquency (90 days or more late) has climbed to its highest level since 2012, according to the New York Federal Reserve. Concurrently, the popularity of Buy Now, Pay Later (BNPL) services is rising, with 25% of consumers recently using these loans. However, 43% of BNPL users reported being behind on payments, and 28% indicated delinquency on other debt due to spending on these platforms, per Bloomberg. Pension funds are reportedly financing BNPL loans to the tune of over $100 billion, drawing parallels to installment credit from the late 1920s. Americans currently owe $17.5 trillion across various forms of debt.
š£ UPDATES: 25% of Consumers Use Buy Now, Pay Later for Purchases - CNBC $SOFI $AFRM $PYPL $WMT $AAPL $V $AXP $MA š Key Highlights: š 25% of consumers used buy now, pay later (BNPL) loans in the last 12 months. š Americans owe $17.5 trillion across various forms of debt.ā¦ https://t.co/pkiKRcsh5V
25% of consumers recently used a buy now, pay later loan, report finds. What to know as they become popular https://t.co/y7ZFvfKCDw
43% of those who owe money to Buy-Now-Pay-Later services said they were behind on payments, while 28% said they were delinquent on other debt because of spending on the platforms, per Bloombeg.