Analysts concerned 'buy now, pay later' consumer debt is growing

A growing number of consumers, particularly younger ones, are taking advantage of "buy now, pay later" (BNPL) options when purchasing products online. These deals are approved without the use of credit checks, which could mean that some consumers find themselves in untenable financial positions. Online payments using BNPL services more than doubled last year to $19 billion, up from $9.5 billion in 2019.