In its Report on the Economic Well-Being of U.S. Households in 2025, the Board of Governors of the Federal Reserve System found that 16% of U.S. adults 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). Among those users, 31% reported the main reason for utilizing BNPL loans was to spread out their payments, with 29% saying 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 26% in 2025, essentially unchanged from 2024.