Close Menu
Truth Republican
  • Home
  • News
  • Politics
  • Business
  • Guns & Gear
  • Healthy Tips
  • Prepping & Survival
  • Videos
Facebook X (Twitter) Instagram
Truth Republican
  • Home
  • News
  • Politics
  • Business
  • Guns & Gear
  • Healthy Tips
  • Prepping & Survival
  • Videos
Newsletter
Truth Republican
You are at:Home»Business»‘Buy now, pay later’ services are dangerous trap for young Americans, financial expert warns
Business

‘Buy now, pay later’ services are dangerous trap for young Americans, financial expert warns

Buddy DoyleBy Buddy DoyleAugust 9, 2025No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp
‘Buy now, pay later’ services are dangerous trap for young Americans, financial expert warns
Share
Facebook Twitter LinkedIn Pinterest Email

“Buy now, pay later” plans are rapidly growing in popularity among young Americans, but not everyone is convinced they’re a smart financial choice.

Haley Sacks, a personal finance influencer with over a million followers online, issued a chilling warning about BNPL plans on “Fox & Friends” Tuesday, calling the practice “predatory.”

“My take is that you should not use ‘buy now, pay later’ at all,” Sacks said. 

“If you need to finance something, use a credit card and a lot of credit card companies have ‘pay over time’ options with 0% interest.”

Sacks argued credit cards offer important benefits BNPL plans don’t, such as consumer protection and the opportunity to build credit. 

BUY NOW, PAY LATER PITFALLS: MANY CONSUMERS AREN’T PAYING LOANS

“Buy now, pay later” services let buyers split purchases into multiple installments instead of paying the full price upfront. However, if users aren’t careful to make payments on time, they may face late fees. 

They’re expected to hit record transaction volumes this year after initially being marketed as lower-risk alternatives to credit cards. But financial experts warn that reliance on these payment plans can lead to overspending and a rapid accumulation of debt if consumers aren’t on top of them. 

COSTCO ROLLS OUT BUY NOW, PAY LATER FOR BIG ONLINE PURCHASES THROUGH AFFIRM

A LendingTree survey from April found that more Americans are using BNPL services for everyday essentials like groceries, and that 40% of users admitted to missing a payment on at least one loan in the past year.

Factors that could be leading to the shift are elevated prices, high interest rates, and student loan payments, which resumed less than two years ago after a stop during the COVID-19 pandemic. 

Sacks says these factors are part of why these types of deferred payment plans have resonated with a struggling generation of young people. 

“Gen Z is facing so much inflation, wages have not kept up, and this is a way to actually be able to get things that you want,” she said. “But of course, then you’re paying the price.”

According to the LendingTree survey of 2,000 consumers aged 18 to 79, nearly half of American adults have used a BNPL service such as Klarna or Affirm. Millennials made up the largest share, but Gen Z and Gen X weren’t far behind.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleMIKE DAVIS: Eric Tung is Trump’s pick to bring sanity to the Ninth Circuit
Next Article French fries tied to diabetes risk, but not all potatoes ‘created equal,’ study finds

Related Articles

Spirit Airlines files for second bankruptcy in under a year as low-cost carrier continues to struggle

Spirit Airlines files for second bankruptcy in under a year as low-cost carrier continues to struggle

August 30, 2025
Shell faces lawsuit over alleged racial bias in corporate reorganization

Shell faces lawsuit over alleged racial bias in corporate reorganization

August 29, 2025
Jeff Bezos, Lauren Sanchez take Europe – and the dance floor – by storm after wedding

Jeff Bezos, Lauren Sanchez take Europe – and the dance floor – by storm after wedding

August 29, 2025
Fed’s favored inflation gauge shows consumer price pressures remained elevated in July

Fed’s favored inflation gauge shows consumer price pressures remained elevated in July

August 29, 2025
Trump asks court to allow removal of Fed’s Lisa Cook immediately; judge sets quick schedule

Trump asks court to allow removal of Fed’s Lisa Cook immediately; judge sets quick schedule

August 29, 2025
Trump official issues second criminal referral for Federal Reserve Governor Lisa Cook

Trump official issues second criminal referral for Federal Reserve Governor Lisa Cook

August 29, 2025
Cook’s lawsuit against Trump sets up a potential Supreme Court clash

Cook’s lawsuit against Trump sets up a potential Supreme Court clash

August 29, 2025
About 780,000 pressure washers recalled after reported explosions and injuries

About 780,000 pressure washers recalled after reported explosions and injuries

August 29, 2025
Tennis is the stage, brands are the players: The US Open’s billion-dollar sponsorship game

Tennis is the stage, brands are the players: The US Open’s billion-dollar sponsorship game

August 29, 2025
Don't Miss
Spirit Airlines files for second bankruptcy in under a year as low-cost carrier continues to struggle

Spirit Airlines files for second bankruptcy in under a year as low-cost carrier continues to struggle

Minnesota Gov. Tim Walz says it’s time to ‘take serious action’ after deadly school shooting

Minnesota Gov. Tim Walz says it’s time to ‘take serious action’ after deadly school shooting

Florida extends record executions with date set for man who fatally stabbed couple during robbery

Florida extends record executions with date set for man who fatally stabbed couple during robbery

Deals and Double Points All Labor Day Weekend at KnivesShipFree

Deals and Double Points All Labor Day Weekend at KnivesShipFree

Latest News
Woman tries to run over Border Patrol agents helping arrest illegal immigrants in Maine, DHS says

Woman tries to run over Border Patrol agents helping arrest illegal immigrants in Maine, DHS says

August 30, 2025
Fox News Politics Newsletter: Complex Russia and US relationship continues

Fox News Politics Newsletter: Complex Russia and US relationship continues

August 29, 2025
‘Baywatch’ star Nicole Eggert undergoes mastectomy surgery for stage II breast cancer treatment

‘Baywatch’ star Nicole Eggert undergoes mastectomy surgery for stage II breast cancer treatment

August 29, 2025
Health Ranger Report: Ron Paul Warns About The Dangers of Endless MONEY PRINTING

Health Ranger Report: Ron Paul Warns About The Dangers of Endless MONEY PRINTING

August 29, 2025
Federal court strikes down Trump tariffs as illegal under federal law in appeals ruling

Federal court strikes down Trump tariffs as illegal under federal law in appeals ruling

August 29, 2025
Copyright © 2025. Truth Republican. All rights reserved.
  • Privacy Policy
  • Terms of use
  • Contact

Type above and press Enter to search. Press Esc to cancel.