CFPB takes aim at ‘buy now, pay later’

Source: Michelle Singletary, Washington Post (Paid Registration)

The CFPB has asked Affirm, Afterpay, Klarna, PayPal and Zip to collect information on the risks and benefits of the BNPL offerings. Among other issues, the CFPB is concerned about the level of debt consumers are racking up and what data is being collected.

Buy now, pay later credit deals allow consumers to split the payments for the purchases, typically into four interest-free installments. Fees may kick in only if payments are made late.

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