Missed payments on BNPL apps hurt credit score and lead to collections, impacting finances.
Pay later services ease spending, but can lead to overspending and negatively impact low-income households.
BNPL apps offer fee-free financing unless payments are missed, resulting in late fees, which can add up.
Missing payments on pay later services may lead to interest penalties, including deferred interest and fees.
BNPL services are popular but lack regulation, leaving users vulnerable to hidden fees and high interest rates.
Using BNPL apps for unnecessary purchases can lead to debt, late fees, and lower credit scores.