Online shopping comes with pitfalls
With online shopping at an all-time high, 46% of shoppers say they're currently making payments through buy now, pay later programs. More than half say they regret financing something that was ultimately "too expensive."
It's the 1980s videogame, Pitfall. (How ironic!) You may make a good move that you like now, but it can come back to bite you!
Your online shopping habits...
It's something to keep an eye on.
A new study reveals how "buy now, pay later" financing exploded during the pandemic. C+R Research surveyed online shoppers and found the majority (60%) financed an online purchase over the past 12 months. Other highlights include:
2 in 3 online shoppers believe buy now, pay later financing is "financially risky"
58% say they've purchased an "unnecessary" item they otherwise couldn't afford, using buy now, pay later
56% admit to falling behind on monthly payments, while nearly half anticipate missing a future payment over the next year
While many prefer financing options offered by programs like Affirm, PayPal Credit, and Afterpay to traditional credit cards, 57% still say they "regret" financing a purchase because it was too expensive.