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Buy Now, Pay Later: A Growing Trend in Holiday Shopping

As the holiday season approaches, many consumers are turning to buy now, pay later (BNPL) plans to manage their spending. According to a recent survey by Experian, 1 in 5 consumers plan to use BNPL options for their holiday purchases this year. This trend is gaining traction across various demographics, including older consumers and those with higher incomes.

BNPL Usage Across Different Income Levels

Contrary to popular belief, household income does not significantly influence the adoption of BNPL plans. Experian’s data reveals that individuals with higher incomes are just as likely to use BNPL options as those with lower incomes. This indicates that the appeal of interest-free payments and convenient budgeting tools transcends income brackets.

Why Consumers Choose BNPL

One of the primary reasons consumers opt for BNPL plans is to avoid the high interest rates associated with credit card balances, which average close to 23% APR. Additionally, BNPL offers a convenient way to manage spending without accruing interest. In fact, nearly a quarter of consumers cited avoiding interest payments as a key reason for choosing BNPL.

The Future of BNPL

As BNPL plans become more integrated into both online and in-person shopping experiences, their popularity is expected to grow. This payment method is particularly favored by younger consumers, and its influence on holiday spending habits is likely to continue for the foreseeable future.

At O1ne Mortgage, we understand the importance of flexible payment options, especially during the holiday season. If you have any mortgage-related needs or questions, don’t hesitate to call us at 213-732-3074. Our team is here to help you navigate your financial options with confidence.

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