To Fund Record Black Friday Purchases, Consumers Use 'Buy-Now, Pay-Later' Option

The popularity of buy-now, pay-later (BNPL) options is rising as consumers, grappling with other debts like student loans and credit cards, face the highest interest rates in years. These short-term loans offer a way to spread out payments over several months. The Federal Reserve Bank of New York notes that younger consumers, often with limited access to credit cards, are increasingly opting for BNPL services.