Description

In this episode of Your Money Call, Diane King Hall discusses the state of consumer credit and the rise of buy now, pay later (BNPL) services. She highlights the latest numbers on consumer credit from the Federal Reserve, and the slower pace of borrowing on credit cards. Diane also explores the potential reasons behind the deceleration in borrowing, such as improved money management and high interest rates. She delves into the debate between BNPL platforms and credit bureaus regarding transparency and accountability. Diane provides a prescription for getting out of debt, including creating a budget, negotiating with creditors, and exploring ways to increase income.

Takeaways

• Consumer credit rose at a slower pace, with borrowing on credit cards increasing by only 0.1%.

• Buy now, pay later (BNPL) services like Afterpay and Klarna are not tracked in traditional credit and debt reports.
• There are concerns about the transparency and accountability of BNPL platforms, as well as the potential impact on consumers' credit scores.

Additional Notes:
* You can follow podcast host Diane King Hall @dianekinghall on all social channels.
*This podcast is for educational and informational purposes only. The content is not intended to be a substitute for financial or legal advice from your own financial advisor, accountant or attorney.