The trend of turning to Buy Now, Pay Later products is concerning because they are not regulated or tracked enough and they don’t count as credit. So it’s easy to accumulate an uncontrollable amount of debt through that, according to Lucia Mattox, the director of western states outreach and senior policy manager at Center for Responsible Lending.
“Because they [Buy Now, Pay Later payments] are tied to folks with a bank statement, they can go into overdraft easily,” Mattox said.
