Why the government is raising an eyebrow at Gen Z's favorite new way to spend: 'Buy now, pay later'
Americans — and mainly Gen Zers — have been increasingly tapping Buy Now, Pay Later services for instant gratification and delayed payment.The services essentially do what they say on the tin. Shoppers using BNPL take on short-term, often interest-free loans to pay for their purchases and sign on to a scheduled repayment plan to pay back the debt.
"Buy now, pay later is the new version of the old layaway plan, but with modern, faster twists where the consumer gets the product immediately but gets the debt immediately too," Rohit Chopra, the bureau's director, said in a statement. Gen Z is also the most likely to be caught off guard when student loan repayment is set to resume in May. The generation's oldest members have spent more time post-graduation with their payments frozen than not due to the federal government's pandemic moratorium. The May 1 deadline could be"concerning" for those who can't balance student loan obligations with delayed BNPL payments, Torres said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DAO Crypto Tokens: What, Why And How To Buy | Binance BlogMirroring the explosive interest in DeFi in 2020, DAOs have gained a spike in popularity with no signs of slowing down. Find out all about DAO crypto tokens and how you can get your own DAO crypto tokens with Binance.
Read more »
The Putin Puzzle: Why Ukraine? Why Now?Even dictators have domestic political considerations, and Putin has a long history of using an aggressive foreign policy to bolster his standing in Russia.
Read more »
Volcanic tsunamis: Why they are so difficult to predictTonga’s underwater explosion triggered a big mess of gas and debris.
Read more »
Why SAG’s Best Actress Snub May Have Done Kristen Stewart a Favor (Column)In awards season, the word “snub” gets overused in a major way. A snub, in life, is a deliberate dis. The essence of it is that it’s personal. When an actor fails to make the cut of nom…
Read more »
Why I can’t ditch my iPhone 13 miniAre compact phones on the verge of extinction?
Read more »