Survey: 72% of Americans saw their credit scores drop after missing a buy now, pay later payment
- As a sector, BNPL is growing, as more customers tap forms of point of sale financing.
- Recent data shows that easy credit is causing users to miss payments resulting in lower credit scores.
Buy now, pay later is an increasingly popular payment choice for Gen Z and Millennials. Klarna has doubled its user base to 15 million Americans over a year. More Americans are using point of sale financing to buy things they previously would have put on credit cards. But they’re likely also buying things they can’t afford. Over 40% of Americans have used a buy now, pay later payment offered by fintechs like Affirm, Afterpay, and Klarna, according to a survey by Credit Karma and Qualtrics.
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