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A quarter of U.S. consumers are now financing groceries with buy-now, pay-later as economic pressures mount, survey says

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More than 40% of buy-now, pay-later users made a late payment in the past year, according to data from Lending Tree.
A recent survey by LendingTree reveals that 21% of Americans have used buy now, pay later (BNPL) services for grocery purchases, reflecting broader economic concerns as people struggle with rising food costs. The survey, which polled 2,000 U.S. consumers, found that Millennials and Gen Z are the most likely to use BNPL for groceries, with 30% and 25% respectively utilizing these services. This trend is driven by the need to manage budgets amidst inflation, with 64% of BNPL users citing the necessity to spread out grocery costs over time. However, this approach is not without risks, as 34% of users have fallen behind on their BNPL payments, potentially leading to a cycle of debt. The increasing reliance on BNPL for essential purchases like groceries underscores the financial strain many Americans are facing.

Read the Full Fortune Article at:
[ https://fortune.com/article/buy-now-pay-later-groceries-economic-concerns-lending-tree-survey/ ]