The American Consumer Is Now Borrowing Money To Eat
Burrito on a payment plan
Strip away the slick apps, algorithms and "fintech" branding and BNPL is becoming something much simpler: lending money to consumers who increasingly can't afford what they're buying. What's worse, much of that leverage remains virtually invisible to the traditional credit system. That's a polite way of saying nobody actually knows how levered the American shopper is.