Using buy now, pay later offers for last minute holiday shopping may hurt your credit score: experts

ByJason Knowles and Ann Pistone WLS logo
Saturday, December 23, 2023
Use caution with buy now, pay later offers for last minute shopping
Last Minute Holiday Shopping Alert: Looking to buy now, pay later? Think twice before impacting your credit score

CHICAGO (WLS) -- Here's a quick last minute holiday shopping tip.

Buy now, pay later options are skyrocketing in popularity right now, according to Adobe Analytics. In fact, they hit an all-time high on Cyber Monday, rising 43% from last year.

Even though the payment option can seem convenient and easy in the moment, credit monitoring experts at "ScoreSense" say consumers should remember that the purchases can negatively impact your credit score, if you miss any payments.

It's also common for people to stack multiple loans, causing you to rack up debt across multiple purchases. That can be hard to manage.

To save on big purchases, see if stores will price match if you go online and find a cheaper deal.

Also, use store reward programs to save for larger items.