A record number of Americans have been using “buy now, pay later” apps amid the surging inflation seen in Biden’s economy.
A new report from PYMNTS Intelligence showed 6.5 percent of Americans, roughly 15 million, have been using BPNL apps to pay for groceries since last year. Per the New York Post:
Of those using the apps — offered by fintech services such as Affirm, Klarna, Afterpay and PayPal — around 5.4% were low-income Americans, according to the study.
The rest were those whose yearly incomes were at least $100,000.
Last month, the Federal Reserve Bank of New York published research which found that people with a credit score under 620 were nearly three times as likely as financially stable consumers to use BNPL five or more times last year.
BPNL loans are short-term loans with fixed payments at little to no interest. They have also been called “point-of-sale installment loans.”
Major retailers like Walmart, Amazon, and Trader Joe’s have offered the apps at checkout.
When it comes to Gen-Z, which has taken a more active role in the U.S. economy, Afterpay discovered that they have begun using BPNL loans for items like travel and even contact lenses, garbage bags, and even first-aid antiseptics.
Finally paid off my Uber eats order from January pic.twitter.com/mS7lzFqyTq
— Justin Case (@Just1n_Case1) March 4, 2024
During the State of the Union address, President Joe Biden said record inflation has been trending down, but that was misleading. While it’s true inflation has fallen from nine percent to 3.1 percent, it has been trending upward for the past three months.
The monthly pace of inflation began to rise in November last year and has increased in each subsequent month, according to the Department of Labor’s consumer price index.
Paul Roland Bois directed the award-winning Christian tech thriller, EXEMPLUM, which can be viewed for FREE on YouTube or Tubi. “Better than Killers of the Flower Moon,” wrote Mark Judge. “You haven’t seen a story like this before,” wrote Christian Toto. A high-quality, ad-free stream can also be purchased on Google Play or Vimeo on Demand. Follow him on Twitter @prolandfilms or Instagram @prolandfilms.
