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CFPB Calls for BNPL Research Amid Rising Consumer Debt

1/15/2025

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Summary

Story summary

The CFPB urges further research on buy now, pay later (BNPL) due to rising credit balances.
In 2022, over 20% of consumers utilized BNPL, with 60% managing multiple loans and many having subprime credit.
BNPL users spend 48% more than traditional shoppers, driving businesses to adjust their strategies.
A webinar on January 21, 2025, will explore BNPL's effects and retailer strategies.

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Story summary

The CFPB urges further research on buy now, pay later (BNPL) due to rising credit balances.
In 2022, over 20% of consumers utilized BNPL, with 60% managing multiple loans and many having subprime credit.
BNPL users spend 48% more than traditional shoppers, driving businesses to adjust their strategies.
A webinar on January 21, 2025, will explore BNPL's effects and retailer strategies.