Originally appearing in The New York Times on July 26, 2024, Ann Carrns interviews NCLC associate director Lauren Saunders on JPMorgan Chase’s decision to bar customers from using its credit cards to repay increasingly popular “buy now, pay later” installment loans.
Financial regulators and consumer advocates frown upon using credit cards to pay off installment loans because of the risk that consumers will dig themselves further into debt.
“It makes no sense to use a credit card to service a buy now, pay later loan. It defeats the purpose of the loan.”
Lauren Saunders, associate director of the National Consumer Law Center.
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