Buying mattresses, clothes and other goods on installment plans has propped up spending, but economists worry that such loans could put some people at risk.
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The Downsides of Using ‘Buy Now, Pay Later’
Shoppers can quickly get approved for the services, but regulators are concerned that the loans lack important protections.
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Buy Now, Pay Later: Going Into Debt for Groceries
Americans are increasingly turning to “buy now, pay later” services for food and other everyday essentials. And there are signs that the practice is putting some in deep debt.