this post was submitted on 28 Apr 2025
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It's not, the real issue is that jobs don't pay a living wage which forces people into living on credit. This is obviously not sustainable long term.
I got a bit confused because this is specifically about third party BNPL services (example PayPal BNPL), so credit cards do not count (even though its basically the same thing).
I imagine these BNPL services are offering lower interest rates than the traditional bank credit cards, otherwise it wouldnt make sense. This hasn't caught popularity afaik in Mexico yet, the vast majority here use credit cards still.
Also I'm pretty sure that if you counted credit cards as a BNPL (which it is) the % of americans financing their groceries would be pretty darn close to a 100%. People failing to pay their deadlines seems a better indicator of the situation of average people.
I think their rates might actually be higher, but they're likely a lot less strict than credit cards in terms letting you get loans. People might've already maxed out their credit cards before resorting to these services as well.
if these are more predatory than credit cards, well then USians are really fucked lol
They are.
Apparently paypal BNPL interest rate can go up to 36% ☠️