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In its Economic Well-Being of U.S. Households in 2024 report, the Board of Governors of the Federal Reserve System reported that 15% of respondents had utilized "buy now, pay later" (BNPL) loans over the trailing 12-months, up from 10% in 2021 (when the survey began asking about BNPL loan usage). Of that share, 87% reported utilizing BNPL loans to spread out their payments, with 58% revealing it was the only way they could afford to make the purchase. The share of BNPL loan users who were late in making a payment stood at 24% in 2024, up from 18% in 2023.
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