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Are “Buy Now, Pay Later” Retail Loans a Rip-off?

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Are “Buy Now, Pay Later” Retail Loans a Rip-off?
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If you’ve scrolled through any e-commerce sites lately, you’ve probably seen a version of it: A charming dinner plate costs $28 or “4 interest-free installments of $7.00 by Afterpay.” A pastoral checkered dress could run you $74.50 … or, alternatively, “4 interest-free payments of $18.62 with Klarna.”
In the past year, more and more merchants have started incorporating “buy now, pay later” options into their websites. They’re often prominently featured on product pages, where shoppers who might otherwise click away are encouraged to instead splurge and split their spending into periodic payments.
Major fashion retailers like Macy’s and Neiman Marcus have integrated these payment options into their online stores, but nice clothes and china aren’t the only items shoppers are increasingly enticed to purchase in parts. Parents can now pay for their kids’ football clinics in installments using Sezzle….
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