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On Point with Meghna Chakrabarti

The unregulated boom in the 'buy now, pay later' market

On Point with Meghna Chakrabarti

WBUR

Talk Show, Daily News, News, Npr, On Point, Daily

4.23.5K Ratings

🗓️ 10 May 2024

⏱️ 53 minutes

🧾️ Download transcript

Summary

'Buy now, pay later' loans for just about everything are growing. But there’s barely any data or regulation on this emerging market. Are consumers being helped or hurt by this new lending option?

Transcript

Click on a timestamp to play from that location

0:00.0

Funding for this podcast comes from Math Works, creators of Mat Lab and Simulink software,

0:06.0

accelerating the pace of engineering and science. Learn more at Math Works.

0:11.0

Come. Support for this podcast comes from Is Business Broken,

0:15.0

a podcast from BU.

0:17.0

Questram School of Business.

0:19.0

Stick around until the end of this podcast

0:21.0

for a preview of a recent episode exploring the history of

0:25.1

investors holding businesses accountable and the dawn of the ESG or

0:30.0

environmental social governance movement.

0:33.0

This is on point. I'm Meghna Chocrobardi.

0:36.0

Jessica Kushner has had bad credit since even before she knew what credit was.

0:44.1

It all started when she was 12 years old.

0:47.7

My mom had a problem getting Christmas one year,

0:50.6

so she decided to sign up for the Finger Hut magazine and she got all of our Christmas

0:56.7

presents on my name with the Finger Up magazine.

1:00.8

And I didn't learn about any of this until I myself had turned 18 and I was interested in getting something from Finger Hut magazine when they told me you're not approved because you owe us X amount of money and I'm like

1:14.2

really do like I was 12 like would you like my mom's information?

1:20.3

So Jessica can thankfully laugh a little about that bad credit, but it meant that she

1:27.4

couldn't get a credit card and not having a credit card meant not being able to

1:32.0

improve her credit score and that meant

1:34.7

Jessica was locked out of most other important financial services such as home or

1:39.6

car loans. Well Jessica is now 46 years old and you can imagine the frustration she feels from

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