WEST PALM BEACH, Fla. (CBS12) — U.S. consumer debt has reached an unprecedented $18.2 trillion in the first quarter, as more Americans turn to buy now, pay later (BNPL) programs amid rising costs.
Financial analyst Richard Barrington went on ARC Florida Wednesday morning and highlighted concerns about these programs, which have surged in popularity but may pose risks for consumers and companies alike.
“On the surface, breaking up the cost of something in smaller pieces might seem attractive because it makes it easier to pay for, but don’t confuse being able to pay for something with being able to afford it,” Barrington said…