How many people are getting what they want now, only to find themselves in trouble later?

Answer: 18%

Questions:

• What is your experience seeing or using Buy Now, Pay Later when shopping?
• What are the pros and cons of using Buy Now, Pay Later?
• Why do you think many consumers end up making late payments with Buy Now, Pay Later?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Federal Reserve): 

"Most people who used BNPL made their payments on time. Overall, 18 percent of people who used BNPL in the prior 12 months were late making a payment, up 1 percentage point from 2022. However, late payments were more common among those with lower income, Hispanic adults, and younger adults (table 25). Nearly 6 in 10 of those late making a payment (11 percent of those who used BNPL) said they were charged extra for being late."

About the Author

Kathryn Dawson

Kathryn (she/her) is excited to join the NGPF team after 9 years of experience in education as a mentor, tutor, and special education teacher. She is a graduate of Cornell University with a degree in policy analysis and management and has a master's degree in education from Brooklyn College. Kathryn is looking forward to bringing her passion for accessibility and educational justice into curriculum design at NGPF. During her free time, Kathryn loves embarking on cooking projects, walking around her Seattle neighborhood with her dog, or lounging in a hammock with a book.