On March 2, the CFPB published a report analyzing the financial profiles of consumers who borrow through buy now, pay later (BNPL) lending products. The report found that BNPL borrowers on average are more likely to be active users of other credit products such as credit cards and alternative financial services such as payday loans. The report also found that BNPL borrowers are more likely to exhibit signs of financial distress, for example, high levels of indebtedness and revolving balances or delinquencies on their credit cards. In announcing the report’s publication, the CFPB highlighted several other noteworthy findings:…

Continue Reading CFPB Report Details Financial Profiles of BNPL Borrowers