More shoppers are expected to use 'buy now, pay later' plans this holiday season to spread out payments, influenced by ongoing inflation and high credit card debt. Adobe Analytics predicts a 11.4% increase in spending on these plans year-over-year, with $18.5 billion projected to be spent using third-party services from Nov. 1 to Dec. 31.
More shoppers than ever are on track to use 'buy now, pay later' plans this holiday season, as the ability to spread out payments looks attractive at a time when Americans still feel the lingering effects of inflation and already have record-high credit card debt. The data firm Adobe Analytics predicts shoppers will spend 11.4% more this holiday season using buy now, pay later than they did a year ago. The company forecasts shoppers will purchase $18.
That's because shoppers open themselves up to interest on the credit card payment, if the debt is carried month to month, on top of any late fees, interest, or penalties from the buy now, pay later loan itself. Experts advise against using a credit card to pay for these plans for this reason.
BUY NOW PAY LATER HOLIDAY SHOPPING INFLATION CREDIT CARD DEBT ADOBE ANALYTICS
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