Consumers turn to buy-now, pay-later loans to manage daily expenses

Many consumers are turning to short-term loans to help cover everyday expenses.

A recent LendingTree study found groceries are now the third most common purchase made through buy-now, pay-later accounts.

One mother says the services have become part of managing a household budget while raising three young children.

“It’s very easy to stack payments and not realize the kind of debt you’re getting yourself into,” she said.

The LendingTree survey found many consumers are struggling to keep up with payments:

• 47% of users said they have made a late payment this year.
• 54% said they use the accounts to help make ends meet.
• One-quarter reported having four or more active loans.

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