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In its Economic Well-Being of U.S. Households in 2025 report, the Board of Governors of the Federal Reserve System reported that 16% of survey respondents had utilized "buy now, pay later" (BNPL) loans over the trailing 12-months ended October 2025, up from 10% in 2021 (when the survey began asking about BNPL loan usage). Of that share, 31% reported utilizing BNPL loans to spread out their payments, while 29% of BNPL loan users said it was the only way they could afford to make the purchase.
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