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Gen Z is drowning in debt as buy-now-pay-later services skyrocket: 'They're continuing to bury their heads in the sand and spend'
Internal data shows member credit card balances are up more than 50% for Gen Z and millennial members since March 2022, when the Fed started raising interest rates.
More shoppers than ever are on track to use ‘buy now, pay later’ plans this holiday season, as the ability to spread out payments looks attractive at a time when Americans still feel the lingering effect of inflation and already have record-high credit card debt. They also caution consumers to keep careful track of using multiple buy now, pay later services, as the automatic payments can add up, and there is no central reporting, such as with a credit card statement. “Buy now, pay later can be an innovative tool for purchases you’re going to make anyway,” said Mark Elliott, chief customer officer at financial services company LendingClub.
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