Sen. Blumenthal warns residents about buy now, pay later shopping scams
Sen. Richard Blumenthal is warning residents to take extra caution when shopping this holiday season.
He said in a statement this weekend “buyer beware when it comes to buying now and paying later" for many kinds of products.
"These buy now, pay later plans are soaring in popularity but fraught with problems because they often involve deceptive pitches and promises. No interest but a lot of late fees, overwrought penalties, other kinds of hidden costs,” Blumenthal says.
He adds that pay now, pay later plans may seem like a good idea upfront but in the long run, you can end up paying three times the sales price for whatever you purchased.