Part 5/10:
The "Buy Now, Pay Later" (BNPL) model has surged in popularity, especially during the pandemic. While it appears consumer-friendly with promises of no fees and instant approvals, the risk of overextending oneself is significant. With minimal credit checks, many users, particularly younger and lower-income individuals, find themselves buried in debt without a transparent system to track their liabilities.
As of early 2025, BNPL debt could reach a staggering $700 billion by 2028, and missed payments frequently lead to severe penalties, including steep late fees and credit score impacts.