CNBC
As buy now, pay later programs become more common, some shoppers are using this payment structure to make ends meet.
Americans owe $17.5 trillion across credit cards, mortgages, auto loans and other forms of debt, according to the Federal Reserve Bank of New York. About $1.12 trillion of that is on credit cards.
Buy now, pay later, or BNPL, loans often don’t appear on a credit report, serving as a kind of “phantom debt” that’s not reflected in those tallies.
Such short-term financing plans are the second-most used form of credit payment among consumers in the U.S., according to a new report by NerdWallet.
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