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Buy Now, Pay Later Often a Debt Trap

Wednesday, November 23, 2022
Nadine Chabrier
Nadine Chabrier, senior policy council at the Center for Responsible Lending, worries about consumers who take out multiple BNPL loans. “It’s easy to lose track, and you can quickly be in a situation where you have payments due all over the month,” Chabier told Checkbook. “You don’t get a statement, and you may end up getting overdraft fees if you don’t have enough money in your bank account. And this can make the product unaffordable for some people.”