Buy now, pay later companies are giving people extra credit, but the government warns there are some downsides — fees, charges and data harvesting.
It’s holiday gift-giving season, and with many things costing more, consumers are looking for ways to buy presents without breaking the bank.
They’re especially appealing to people who are strapped for cash, have a low credit score or no credit at all — and the user base is exploding. Juniper Research predicts this business model will grow from 360 million users worldwide this year to 900 million by 2027. "The people that need it most easily are the ones most susceptible to this kind of abuse as well. So we don’t want you to get in over your head. You want to have a real plan, and at the end of the day, it's always best to pay by cash," said Stewart Willis, co-founder and co-owner at Asset Preservation Tax and Retirement Services.
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