Bow Now Pay Later Loan Stacking š„¶
Published: Sun, 01/19/25
Updated: Sun, 01/19/25
The Consumer Financial Protection Bureau hasnāt slowed down its efforts under current Director Rohit Chopra, despite some pushback from Republicans that the bureau should pause certain efforts until Trump takes office.
For starters, the CFPB released a study it had conducted on buy now, pay later use.
The report found that more than one-fifth of consumers had used BNPL products with most of those users having subprime or deep subprime credit scores.
The CFPBās report also indicated many consumers engage in āstackingā behavior, or holding multiple BNPL loans at the same time.
The report found more than three-fifths of borrowers held multiple simultaneous BNPL loans at some point,with one-third holding loans from multiple different providers.
Perhaps least surprisingly, the report found use of BNPL is more common among younger consumers, with such financing making up 28% of total unsecured debt among borrowers 18-24 years of age.
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Jer
Trihouse Consulting
How to Loan Money to the Masses
Jer - 702-208-6736 Cell
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