Anna Maria Andriotis
speaker
3,396 appearances
52 recordings
1 series
first heard Jul 2017
last heard Dec 2022
Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.
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Well, that 43% stands out in particular because subprime consumers in general made up about 15% of the U.S.
adult population.
So you get a general sense that, yes, subprime consumers account for a greater share of buy-now-pay-later applicants than the sort of typical consumer credit sectors do.
There's kind of a mix with regards to what consumers can incur.
Some companies, like Afterpay, charge late fees.
Others, like Affirm, do not.
One other sort of pretty big risk is that if consumers are late, they fall behind on payments, they don't catch up.
This varies by company, but they could see their account get sent off to collections.
They could be reported as being late to the credit reporting firms.
That could result in their credit score falling.
A lot of the people who sign up for these payment plans don't have much of a credit history to begin with.
So that could essentially result in a worse credit score than they already had before they signed up for these plans.
There are already some signs that some of the buy now, pay later companies are pulling back on who they are approving for their payment plans.
A tightening of sorts appears to be underway with some companies.
So some examples of this where there is a slowdown in the originations of payment plans include with Zip and Afterpay, which are both slowing their new originations.
So essentially what this means for consumers looking to sign up for Buy Now Pay Later plans is it could become harder to get approved for these payment plans.
Another change potentially going forward, though still unclear, is that if the rising rate environment persists, which it likely will, and this becomes more of a problem for the Buy Now Pay Later companies, the higher costs could potentially get reflected in the loans or the payment plans
that consumers are signing up with from these companies, they could potentially see higher cost payment plans.
So there's a variety of things that could play out going forward.
But what it seems like at the moment is that the best of times for the sector and the consumers signing up for these plans might have passed.
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