✨
AI Summary
- Buy now, pay later services (Affirm, Klarna, Afterpay) offer interest-free installments with no credit checks, attracting impulsive shoppers into debt
- These companies profit by taking commissions from merchants who see increased sales through the service, creating a threat to traditional credit cards
- Consumer Amelia Schmarzo maxed out her credit card in 2022 after relying on buy now, pay later purchases, illustrating the risk