As prices continue to rise, Americans are becoming increasingly reliant on credit cards to make purchases. And now, with the Federal Reserve’s latest three-quarter-percentage point hike, many of them will be paying more for the debt they’ve been accumulating.
However, she acknowledged that the rapid adoption of Buy Now, Pay Later plans, which typically aren’t captured in conventional banking and consumer credit reporting, could be obscuring the true picture of some debtors’ positions. “It takes years to accumulate behaviors of new products like BNPL to accurately analyze them and incorporate them into consumer credit scores and credit decisions,” she said.
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