(WJAR) — Consumers are projected to spend a record-breaking $20 billion using Buy Now Pay Later (BNPL) this holiday season.
That’s an 11% increase from just last year, which is drawing scrutiny from lawmakers.
Attorneys general from seven states, including Connecticut, announced last week they were opening an investigation into the six largest BNPL lenders in the US.
Together, they’re working to determine if these companies – like Affirm, Afterpay and Klarna – are putting users at financial risk or violating consumer protection laws.
NBC 10 recently spoke with personal finance expert Mark Scribner, senior vice president of Wealth Enhancement, about some of his concerns.
Personal finance expert Mark Scribner, senior vice president of Wealth Enhancement, spoke about some of his concerns. (WJAR)
“A lot of people that are doing it – they don’t understand the ramifications unfortunately,…
