Americans are increasingly relying on “buy now, pay later” loans to cover essentials like groceries and fuel, according to a LendingTree survey. The August poll of 2,000 respondents found 41% considered a BNPL loan, up 5% from July and the highest level since tracking began in 2021. Newsweek reported that 41% of current BNPL users made a late payment in the past year, up from 34% the previous year. Once used mainly for non-essentials, BNPL loans are now increasingly covering necessities like groceries and fuel, reflecting growing financial strain on U.S. consumers. Half of respondents said they plan to take a BNPL loan in the next six months, while 60% of current users already hold multiple loans. Gen Z stands out, with 64% having used BNPL and 71% carrying multiple loans. Americans are increasingly turning to BNPL loans to cover daily expenses as wages lag behind inflation and tariff-driven cost pressures intensify financial strain.
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Americans are increasingly relying on buy now, pay later loans to cover essentials like groceries and fuel, according to a Leningtree survey.
00:09The youngest poll of 2,000 respondents found 41% considered a BNPL loan, up 5% for July, and the highest level since tracking began in 2021.
00:18Newsman's reported that 41% of current BNPL users made a late payment in the past year, up from 34% of the previous year.
00:25Once used mainly for non-essentials, BNPL loans are now increasingly covering necessities like groceries and fuel, affecting growing financial strain on U.S. consumers.
00:34Half of respondents said they plan to take a BNPL loan in the next six months, while 60% of current users already hold multiple loans.
00:41Gen Z stands out, with 64% having used BNPL and 71% carrying multiple loans.
00:46Americans are increasingly turning to BNPL loans to cover daily expenses, as wages lag behind inflation and tariff-driven cost pressures intensify financial strain.
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