Categories: Economy

Phantom Debt: The Dangerous Consequences of Buy Now, Pay Later Loans

Since 2019, buy now, pay later loans have experienced a sharp rise of nearly 1,100%. This increase has led to the accumulation of “phantom debt” as the exact amount and repayment status of these loans are unclear. According to Juniper Research, these types of transactions could reach nearly $700 billion by 2028.

The concept of phantom debt poses a significant risk to the economy, introducing uncertainty and potential instability into the financial system. As more consumers take advantage of buy now, pay later options, the overall level of debt in the economy could rise, potentially leading to financial strain for individuals and businesses alike.

It is crucial for consumers to be informed about the risks associated with buy now, pay later loans and to carefully consider their financial situation before taking on additional debt. By making smart financial choices, individuals can help mitigate the potential negative impact of phantom debt on both their own finances and the broader economy.

Samantha Johnson

As a passionate content writer at newschemical.com, my name is Samantha Johnson. With a background in journalism and a keen eye for storytelling, I craft compelling articles that captivate and inform our readers. From breaking news to in-depth features, I strive to deliver content that is not only engaging but also insightful. With a love for words and a dedication to accuracy, I work diligently to keep our audience informed and engaged with the latest stories and trends. Join me on this journey through the world of news and knowledge at newschemical.com.

Share
Published by
Samantha Johnson

Recent Posts

Curfew Concerns: The Battle for Balance between Safety and Fun on the Fourth of July

Lester Watkins was grilling out on the Fourth of July at 31st Street Beach, where…

6 mins ago

From Four Rings to a New Team: Klay Thompson Leaves Golden State Warriors for Dallas Mavericks in Exciting Sign-and-Trade Deal

In a surprising move, Klay Thompson has decided to leave the Golden State Warriors and…

8 mins ago

Glencore Acquires Teck Resources’ Steelmaking Coal Unit for $9 Billion: What’s Next for Canada’s Mining Sector?

Canada's Industry Minister Francois-Philippe Champagne has been reviewing a deal on both a net-benefit and…

16 mins ago

Carson City’s Skimmer Alert: Sheriff Warns of Dangers to Businesses and Consumers

In Carson City, the Sheriff's Office has recently discovered skimmers at a local business and…

19 mins ago

Streaming Giants Challenge New Canadian News Funding Regulations, File Lawsuit

Canadian streaming companies are pushing back against new regulations that require them to contribute to…

28 mins ago

From Genius Student to Scholar: The Extraordinary Journey of Suborno Bari

Suborno Bari from MALVERNE, New York, has always been passionate about physics and finding fascinating…

35 mins ago