by Paul Bois
Breitbart.com
A record number of Americans have been using “buy now, pay later” apps amid the surging inflation seen in Biden’s economy.
A new report from PYMNTS Intelligence showed 6.5 percent of Americans, roughly 15 million, have been using BPNL apps to pay for groceries since last year. Per the New York Post:
Of those using the apps — offered by fintech services such as Affirm, Klarna, Afterpay and PayPal — around 5.4% were low-income Americans, according to the study.
The rest were those whose yearly incomes were at least $100,000.
Last month, the Federal Reserve Bank of New York published research which found that people with a credit score under 620 were nearly three times as likely as financially stable consumers to use BNPL five or more times last year.
BPNL loans are short-term loans with fixed payments at little to no interest. They have also been called “point-of-sale installment loans.”