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It’s popular to “buy now, pay later.” Its issues are also.

“Buy now, pay later” resembles once-popular layaway programs. About 4 percent of online transactions in North America are done this way. Use surged 70 percent over the week of Black Friday compared with the previous week. Users complain that late fees and other issues can ding their credit scores. Consumer Financial Protection Bureau should act swiftly to put up guardrails to protect consumers.

“People who turn to BNPL products are disproportionately financially vulnerable,” researcher says. People using these products are more likely to experience “rapid increases” in bank overdraft charges and credit card interest.