Gen Zers relied on buy now, pay later during the holidays. It’s time to pay up.

What may be a beneficial feature to retailers poses risks to young consumers who’ve increasingly flocked to installment services. The busiest days of the holiday shopping season may be over, but some young consumers have yet to pay their dues to the likes of Klarna and Afterpay.
The wildly popular buy now, pay later services were the go-to payment option of about one in five holiday shoppers — 22% of which were Gen Zers, according to NerdWallet. Of the Gen Z respondents who’ve used BNPL, 43% said they missed at least one BNPL payment this past year compared to just 31% of millennials, an October report from Piplsay shows. Read more…