The Rise of ‘Cute Debt’
On the subway a few weeks back, I noticed an ad for a “buy now, pay later” service from Cash App. It read: “Little payments are so much cuter.” This ad wasn’t made for men, I thought.
“Buy now, pay later” is promoted as interest-free borrowing, which many people, frightened by the idea of going into debt, see as safer. But miss a payment, and the late fees kick in—$8 here, $6 there. Miss payments on a few different orders, and the fees add up fast.