What Next TBD: The Trap of Buy Now, Pay Later

Slate Technology

Slate

Society & Culture, Technology, History

4.6 • 636 Ratings

🗓️ 27 November 2022

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

The option to “buy now and pay later” over installments exploded over the past two years, thanks to people being flush with stimulus cash and shopping online during the pandemic. But is this new, underregulated industry a useful line of credit or another path into debt? Guest: Paulina Cachero, personal finance reporter for Bloomberg. Host: Lizzie O’Leary If you enjoy this show, please consider signing up for Slate Plus. Slate Plus members get benefits like zero ads on any Slate podcast, bonus episodes of shows like Slow Burn and Dear Prudence—and you’ll be supporting the work we do here on What Next TBD. Sign up now at slate.com/whatnextplus to help support our work. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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1:01.5	In the early days of the pandemic, Bloomberg News reporter Polina Cacero found herself scrolling
1:06.9	through TikTok. Yeah, part of it was doom scrolling, but she was also looking for something
1:12.1	escapist to watch. And it was kind of fun to see all of these things that people were buying
1:17.3	online. Everyone was online shopping. You guys, after payday is finally here. So let's recap all of the
1:23.5	outfits I purchased for vacation. Polina covers personal finance, and she noticed that more and more of that online shopping
1:30.9	was done through apps that let you buy now and pay later, from companies like Klarna or AfterPay.
	...

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