A Word of Caution on Buy Now, Pay Later

 From NewsBreak:

The U.S. Public Interest Research Group (U.S. PIRG) issued a report analyzing complaints made to the Consumer Financial Protection Bureau (CFPB) on Buy Now, Pay Later products. The report contained key findings that create cause for concern around these products.

In a press release, PIRG warned of the hazards of using such products - offered by companies such as AfterPay, Sezzle, Klarna, Affirm, and others.

“There’s no such thing as a free lunch. Or free airline tickets. Or free appliances. But it isn’t hard to get the latter two with no money down these days with the proliferation of ‘Buy Now, Pay Later’ plans,” said Ed Mierzwinski, the senior director of U.S. PIRG Education Fund’s consumer program. “Many of these installment plans, often advertised as ‘free’ to the consumer if all payments are made on time, aren’t run by the company you buy your furniture or electronics from. Instead, they’re managed by third-party financial firms -- known as fintechs -- and some claim they aren’t subject to credit card consumer protections.” 

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More on the Risks of Buy Now, Pay Later

 From NewsBreak:

The Consumer Financial Protection Bureau (CFPB) has announced an inquiry into the practices of the Buy Now, Pay Later (BNPL) industry in light of the popularity of products such as Klarna and Afterpay. The move comes as the major credit bureaus are adding information from Buy Now, Pay Later to credit reports.

Use of BNPL has seen astronomical growth. Companies like Affirm, Afterpay, Klarna, PayPal, and Zip (formerly Quadpay) have become almost ubiquitous in the retail market since the pandemic. This past holiday season, usage spiked even higher, especially among young people.

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A Warning on Robotexts

 From NewsBreak:

The attorney general’s office said Americans were on track to get about 86 billion automated text messages this year, already having received 71 billion as a nation.

Any interaction with this type of text will show the scammer that the phone number is active, making the targeted user vulnerable to further messages. Consumers should be wary of opening or clicking links in unrecognized texts.”

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