In 2024, nearly a quarter of buy now, pay later customers made a late payment, according to the Federal Reserve, a notable jump from 18% the prior year. Late payments can carry fees disproportionate to original sales prices, says Nadine Chabrier, senior policy counsel at the Durham-based Center for Responsible Lending, part of Self-Help Credit Union. “I don’t consider (it) a threat,” she said. “I consider it something where we have a lack of transparency, and we really need a lot more information.” Chabrier said some states have tried to regulate this sector in the absence of federal government involvement. “Things like ability to repay, dispute protection, credit reporting, situations where a consumer’s account is repeatedly debited if a payment is declined, customer service — things like that,” she said. Read more at: https://www.newsobserver.com/news/business/article313314335.html#storyl…
