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Consumer Alert

‘Extremely troubling’: Expert warns against using ‘buy now, pay later’ plans for basic necessities

Buy now, pay later. ​It can seem like a great deal for more than a quarter of Americans living paycheck to paycheck. Make a purchase today, and split the cost over about four interest-free payments. ​The “Buy Now, Pay Later” payment plan is growing rapidly in popularity as consumers face higher prices and tighter budgets. Recent data shows nearly half of Americans have turned to BNPL services. ​And some statistics are startling experts like Jared Reynolds, CEO and Founder of Freedom Wealth Planning in Columbia.

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