Something that's happening that is not necessarily taxes, but it's really hurting a lot of different people, is this BNPL concept, buy now, pay later concept that is hurting a lot of people.

This one story I want to read to you, Rob, what page is that BMPL on? There it is. It's on page 11. Americans just spent a record $20 billion with buy now,

pay later. Here's what to do if you overdid it yourself. Now, I'll read this story. I'm going to

give you the quick tips he gives in the article. This is a market watch story. As 2026 gets underway, some consumers are facing

overwhelming debt. This is especially true for those who took out multiple buy now pay later

loans to cover their holiday shop in a move known as stacking. And more people are using the

loans than ever before. Shoppers use the buy now, pay, later spend a record $20 billion

from November 1st to December 31st. According to Adobe 2025 holiday shopping trend reports,

9.8% increase from 2024. BNPL typically comes in a form of pay in four loans that don't

charge traditional interest. Although the late

fees can be charged if a payment is missed, lenders say the option expands access to people who are

underserved by traditional credit, but critics say it can lead to worrisome debt accumulation. Tom,

why is this so concerning? I know you have some charts on how late people are on payments,

but why is it so concerning to you? So you have to go and kind of go upstream a minute and look at it.

In the middle of the COVID crisis, I don't know if we have this chart, the credit card debt in America

reached $777 billion as people paid off a lot of it. And I think that was

right, Q2, there it is, Q2, 2021, we hit 77. The sharp drop down was because, A, we weren't

shopping. We were locked in our homes. We had lockdowns and everything going.

B, people took $1,500, $1,700 payments from the government, Pat, and paid down their credit

cards. So all of a sudden, here we are, Q1 to 2021. We are at $777 billion. That has gone up since we were all allowed to go back outside and play.

We're now at an all-time high of $1.26 billion as we have the first-

trillion. $1.26 trillion as we are in the first week of 2026. So that's what's going on with credit card debt.

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