Buy now, pay later – that’s the plan for many Americans for this year’s holiday season.
One out of every five Americans will to use short-term installment plans to pay for their holiday shopping, according to Adobe Analytics. These ‘buy now, pay later’ plans are especially popular with young people – driving more than $9.3 billion in sales in the month of November.
But credit experts warn these plans can result in expensive fees if payments are missed.