Staff Reports
In the midst of President Biden’s chaotic economy, a staggering number of Americans, 15 million to be exact, have turned to “buy now, pay later” (BNPL) apps to make ends meet as inflation continues to soar. The latest report from PYMNTS Intelligence has revealed that a whopping 6.5 percent of Americans have resorted to using BNPL apps, such as Affirm, Klarna, Afterpay, and PayPal, to foot the bill for groceries.
Amid soaring inflation more people are turning to buy now, pay later apps mostly by low income families.
Biden Economy: Record Number of Americans Using ‘Buy Now, Pay Later’ Apps https://t.co/eUPDCLrEJf
— Punkin (@PatriotPunkin1) March 22, 2024
What’s even more astonishing is that a significant portion of these BNPL app users are low-income Americans, making up 5.4% of the overall users. And if that doesn’t raise your eyebrows, the remaining users are folks raking in a hefty yearly income of at least $100,000. It seems like Biden’s economy is hitting both ends of the income spectrum pretty hard.
If you thought things couldn’t get more alarming, think again. The Federal Reserve Bank of New York recently dropped a bombshell with research showing that individuals with a credit score under 620 were nearly three times as likely as financially stable consumers to resort to BNPL apps five or more times last year. Clearly, Biden’s struggling economy is forcing hardworking Americans to take drastic measures just to get by.
But wait, there’s more! These BNPL loans, often peddled as short-term loans with little to no interest, have also been dubbed “point-of-sale installment loans.” It’s no wonder major retailers like Walmart, Amazon, and Trader Joe’s have jumped on the bandwagon, offering these apps at checkout to entice struggling Americans to keep swiping their way into debt. And who’s falling into this debt trap, you ask? Well, it’s none other than the younger generation, Gen-Z, who seem to be using BNPL loans for everything from travel to, believe it or not, contact lenses, garbage bags, and first-aid antiseptics. Talk about a generation in crisis!
And as if the dire financial situation wasn’t bad enough, President Biden had the audacity to claim during the State of the Union address that inflation was on a downward trend. But let’s call a spade a spade here – that’s just plain misleading. Sure, inflation has dropped from a whopping nine percent to 3.1 percent, but the harsh reality is that it has been on the upward climb for the past three months. The Department of Labor’s consumer price index has shown a steady increase in the monthly pace of inflation since November last year. It’s crystal clear that Biden’s sweet talk isn’t fooling anyone when it comes to the economic nightmare unfolding before our very eyes.
In the end, as hardworking Americans struggle to make ends meet, there’s no denying that the Biden economy is spiraling out of control. With the alarming rise in BNPL app usage and inflation creeping higher and higher, it’s high time for real solutions, not sugar-coated statistics and hollow promises. After all, actions speak louder than words, and it’s about time the Biden administration took some real action to relieve the burden on everyday Americans. Enough with the smoke and mirrors – it’s time to face the harsh truth and fix this mess once and for all.
