Worried About Payments? Buy Now, Pay Later
As the pandemic continues to rage on, Americans are more interested in alternative methods of payment and financial business. One of the most popular emerging methods of such transactions is buy now, pay later (BNPL), which is an alternative to credit, debit, and cash purchases. Studies from 2022 show that 2 in 3 Ameicans are more interested in BNPL now than they were prior to the pandemic. The vast majority of middle aged Americans reveal that they are worried about payments and having enough income to cover them, especially in regard to healthcare costs and veterinary costs for their pets.
Fortunately, BNPL offers flexibility for all types of people, even those who consider themselves to be successful at keeping a budget. For example, studies show that nearly 80% of pet parents are successful at sticking to a budget, but 77% of them are familiar with BNPL and more than half have actually used BNPL before to pay their bills. Pet parents have been found to appreciate the benefits of BNPL, including payment flexibility, avoiding credit card fees and interest, and enjoying fair and fixed rates.
In addition, healthcare bills often take a large amount of time to pay off, as studies show that 40% of people take at least one month to pay off a trip to the dentist. These numbers further show the large amount of interest in BNPL from coast to coast. Even millennials are reaping the benefits of BNPL, as that specific age group’s interest has increased more than any other during the pandemic. Overall, many Americans are making the switch, when possible, to BNPL methods of payment, paving the way for the future of personal finances
Source: Opy.com
