What ‘Buy Now, Pay Later’ Defaults Say About the Consumer

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An increase in deferred pay-later loans has raised alarms, as the Trump administration seeks to gut the agency tasked with policing the sector.

“Buy now, pay later” loans have been a lifeline for consumers. But a recent rise in defaults has some fearing a larger credit crisis is brewing.Patrick T. Fallon/Agence France-Presse — Getty Images“Buy now, pay never”

For months, economists have warned that consumers faced an affordability crunch, a prediction supported by a lousy first quarter G.D.P. report.

Now, new data suggests that there’s a credit crisis brewing: a rising number of defaults for “buy now, pay later” loans, the typically zero-interest debt used for things like sneaker purchases and DoorDash deliveries.

In the Biden era, the Consumer Financial Protection Bureau warned that pay-later customers would be especially vulnerable if the economy worsened, and called for measures to safeguard them.

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