The "Buy Now, Pay Later" crisis: 47% of Buy Now, Pay Later (BNPL) users were late in paying their BNPL loans over the last year. This percentage has risen +6 points from 2025 levels and +13 points over the last 2 years. High-income borrowers, young adults, men, and parents of young kids are among the most likely to miss payments. This comes as 25% of borrowers now hold three or more active BNPL loans at once, driven by Gen Z and Millennials. Furthermore, 29% of users are now turning to these loans for groceries, and 20% for restaurant delivery or takeout. Transactions using BNPL loans are expected to surge to a record $687 billion in volume by 2028, from $334 billion in 2024. Americans are increasingly “fighting” inflation with more debt.