Buy now, pay later services are marketed as safe, interest-free borrowing options, but late fees can accumulate quickly, outweighing benefits. Women represent a significant demographic for these services, using them over men, primarily for clothing purchases. Companies target women through nostalgic advertising collaborations, creating engaging experiences and products. Despite these promotions, the financial risks associated with late payments can severely affect users' credit scores, painting a complex picture of the allure and pitfalls of installment payment solutions.
Miss a payment, and the late fees kick in-$8 here, $6 there. Miss payments on a few different orders, and the fees add up fast.
On average, men have more total debt than women, but women are 68 percent more likely to use installment payment services such as Afterpay, Klarna, Affirm, and Quadpay.
Klarna paired up with Paris Hilton to create the 'House of Y2K,' an interactive pop-up devoted to Millennial nostalgia selling a limited-edition velour tracksuit.
Although buy-now-pay-later services are accepted on purchases as varied as airfare and electronics, clothing accounts for more than half of the services' gross merchandise value.
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