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More people in the United States are turning to “buy now, pay later” options to manage their daily finances. Services like Klarna, Afterpay and Affirm allow people to split payments for products into multiple installments without immediate interest, which has proven attractive amid widespread price increases.
This payment method has gained popularity, especially among young people and those with limited incomes. However, this convenience could have a more serious impact in the future.
FICO, the company that manages the most widely used credit scoring system in the country, announced that its new model will include data from these types of purchases. This means that if a user is late on payments, their credit history could be affected, similar to what happens with a credit card.
For some consumers, these methods are a temporary solution, but they also recognize the need to act responsibly.
“I used the ‘buy now, pay later’ option to buy these glasses because I needed them and couldn’t afford them all at once,” said Esteban Rodríguez. “At the time, it seemed like the most viable option, although I think you have to be careful with these types of purchases and know how much you’ll end up paying.”
However, experts warn that it’s essential to have financial education before using these platforms, as the decisions you make today could directly influence your economic stability in the future.
