People think buy-now-pay-later is helping improve their credit. They’re wrong.
![](https://caribchroniclesskn.com/wp-content/uploads/2024/02/People-think-buy-now-pay-later-is-helping-improve-their-credit-Theyre-wrong-1024x512.jpeg)
Consumers are making one crucial miscalculation when they use buy-now-pay-later services: They believe it will help them build their credit, but in fact it won’t, according to a New York Federal Reserve analysis of the reasons shoppers turn to such payment options.
“Consumers think they’re building credit history with buy-now-pay-later, and that’s highly problematic, and the opposite of reality,” said Jennifer Chien, a senior policy counsel on the financial fairness team at Consumer Reports.
Buy-now-pay-later…
Master your money.
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