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By 2030, the BNPL industry is expected to reach $3.27 trillion.
For budget-conscious shoppers, BNPL platforms are often used for select purchases and are strictly avoided for others.
These could includeappliances, furniture or travel expenses.
However, BNPL services can only improve your credit score if you make the monthly payments on time.
Late or missing payments result in accumulating debt, late fees and penalties.
Clothing and Accessories
platforms.
Distinguishing between needs and wants is very important.
Additionally, BNPL services should not be used for impulse buys.
Essentially, BNPL services can help consumers stick to their budget, save money and improve their credit scores.
Doing so can potentially hurt your credit score but result in risks such as late fees orcredit card debt.
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