The short-term loans often come with consumer-friendly interest rates and allow shoppers to make an initial payment at checkout, then pay the rest in installments, typically over a few weeks, even months. That can be appealing to a shopper buying multiple gifts for family and friends during the holidays, particularly if they’re balancing other debt such as student loans or credit cards.
Data shows younger consumers and those with difficulty accessing credit use the loans most frequently. Used responsibly, the installment plans increase financial inclusion, according to the Federal Reserve Bank of New York. But the Fed and some analysts say key features of the plans can make borrowing too easy and saddle consumers with excessive debt.
Short-term installment loans drove $6.4 billion of online spending in October, up 6% year over year, according to a recent Adobe Analytics report on online shopping. Adobe expects usage to peak in November with spending of $9.3 billion, including a single-day record of $782 million on Cyber Monday. Overall, Adobe estimates one in five Americans plan to use buy now, pay later plans to purchase holiday gifts.
Vivek Pandya, lead analyst for Adobe Digital Insights, said that “rising interest rates, inflation in food prices, and resuming student loan repayments” have increased costs for consumers, but “data has shown that the consumer remains resilient heading into the big holiday season and (they) are embracing every opportunity to manage their budgets in more efficient ways.”
هذه القصة مأخوذة من طبعة November 25, 2023 من Techlife News.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة November 25, 2023 من Techlife News.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
OFFSHORE WIND INDUSTRY SAYS 'MISINFORMATION' FROM FOES IS A STRONG HEADWIND IT MUST FIGHT
The U.S offshore wind energy industry says it needs to fight back against disinformation being spread by opponents of wind farms.
HOW TO PROTECT YOURSELF FROM SCAMMERS OFFERING FAKE JOBS
Between finding openings, sending out your resume and interviewing, looking for a job is tough. Now a growing trend of scammers impersonating recruiters is making it even harder.
HOW TO PREPARE YOUR BODY AND MIND FOR THE END OF DAYLIGHT SAVING TIME
The good news: You will get a glorious extra hour of sleep. The bad: It’ll be dark as a pocket by late afternoon for the next few months in the U.S.
IN 'IBELIN' AND 'GRAND THEFT HAMLET,' VIDEO GAME REALMS DRAW FILMMAKERS WITH VIRTUAL CAMERAS
Film productions often wrestle with shifts in the weather, the threat of the crew going into overtime or the fading of a day’s light. Less common are concerns over the cast slipping off the top of a blimp.
RESEARCHERS SAY AN AI-POWERED TRANSCRIPTION TOOL USED IN HOSPITALS INVENTS THINGS NO ONE EVER SAID
Tech behemoth OpenAI has touted its artificial intelligence-powered transcription tool Whisper as having near “human level robustness and accuracy.”
WORLD SERIES GAME 3 AVERAGES 13.64 MILLION.BEATS 'MONDAY NIGHT FOOTBALL'
The World Series beat “Monday Night Football” in the battle for television viewers.
FITNESS APP STRAVA GIVES AWAY LOCATION OF BIDEN, TRUMP AND OTHER LEADERS, FRENCH NEWSPAPER SAYS
An investigation by French newspaper Le Monde found that the highly confidential movements of U.S. President Joe Biden, presidential rivals Donald Trump and Kamala Harris, and other world leaders can be easily tracked online through a fitness app that their bodyguards use.
GOOGLE'S MONEYMAKING MACHINE STILL PUMPING OUT MASSIVE PROFITS DESPITE MULTIPLE THREATS
Google is still thriving while the company navigates through a pivotal shift to artificial intelligence and battles regulators trying to topple its internet empire.
ROBERT DOWNEY JR. SAYS HE 'INTENDS TO SUE' ALL FUTURE EXECUTIVES WHO USE HIS AI REPLICA
Robert Downey Jr. doesn’t think Marvel executives would ever recreate his portrayal of Tony Stark using artificial intelligence. But if they did, he would lawyer up — even posthumously.
APPLE LAUNCHES THE IPHONE INTO THE AI ERA WITH FREE SOFTWARE UPDATE
Apple is releasing a free software update that will inject its first dose of artificial intelligence into its iPhone 16 lineup as the trendsetting company tries to catch up with technology’s latest craze.