Nearly 78M Americans Used Buy Now, Pay Later in Past Year

When your car breaks down or your utility bill skyrockets, you find room in your budget to cover these expenses. And when the cash doesn’t exist, you may turn to other, sometimes more costly options.

While 50% of Americans would most likely use credit cards to pay bills and cover other household expenses during tough economic times if they didn’t have cash on hand, others would turn to newer, nontraditional sources, according to a NerdWallet survey of 2,065 U.S. adults conducted Aug. 4-8 online by The Harris Poll.

According to the survey, 14% would most likely use “buy now, pay later” services and 11% would turn to mobile cash advance apps to pay bills and cover other household expenses during tough economic times.

“Buy now, pay later isn’t just for clothes and shoes. People use these services for needs like groceries, gas and health care expenses,” says Annie Millerbernd, NerdWallet’s authority on personal loans. “They seem like an easy way to cover essentials when…

Continue Reading →

This article was written by Elizabeth Renter and originally published on www.nerdwallet.com