By David Henry
CONSTELLATION BRANDS, INC.
(Reuters) – Borrowers who administer for “buy now, pay later” or added point-of-sale costs tend not to pay bottomward their acclaim agenda debts as abundant as the accepted population, acclaim advertisement aggregation TransUnion said on Thursday.
The conclusion, from a new study, indicates that acclaim agenda lenders ability not accept absent as abundant business as doubtable during the communicable to the acceleration of “buy now, pay later” plans.
“These new forms of costs are growing the acclaim pie, aperture up added opportunities for both consumers and lenders,” said Liz Pagel, chief carnality admiral of customer lending at TransUnion.
The abstraction looked at acclaim profiles of added than 4.5 actor bodies who activated for point-of-sale costs from October 2019 through March.
TransUnion begin that a abate allocation of bodies who activated had bargain their agenda debt, 54%, compared with 60% of the accepted population. Some 20% added their agenda debt by added than half.
Though banking technology companies accept absorbed shoppers https://www.reuters.com/article/us-usa-consumers-pay-later-idUSKBN2A8036 with the added means to borrow, big banks accept connected to adumbrate that agenda lending acquirement will access as agenda balances backlash from actuality paid bottomward during coronavirus lockdowns.
The abstraction did not actuate how abundant added agenda lending banks absent to “buy now, pay later.”
In a abstracted TransUnion analysis in August, one-third of bodies who had acclimated a “buy now, pay later” plan said they would accept acclimated a acclaim agenda had the plan not been available.
Those applying do not arise to be accretion the accident of losses on absolute loans, TransUnion said. Delinquency ante on their acclaim cards six months afterwards their applications were alone hardly worse than the accepted citizenry at 3.2% against 2.7%.
“It does not attending like, at this point, consumers are over leveraging themselves,” Pagel said.
(Reporting by David Henry in New York; Editing by Mark Potter)
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