Buy now, pay later plans offer convenient installment options for consumers, challenging traditional credit cards. With 86.5 million Americans using BNPL loans in 2024, the number is expected to rise to 91.5 million in 2025. This shift poses a threat to credit card revenue and challenges traditional lenders.

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1. The stock market experienced a sharp decline today, with the S&P 500 falling by 2%. Tech stocks were hit the hardest, with companies like Apple and Amazon seeing significant losses.

2. The Federal Reserve announced that they will be keeping interest rates steady for the time being, citing concerns about inflation and the ongoing impact of the pandemic on the economy.

3. Tesla unveiled their highly anticipated Cybertruck, with CEO Elon Musk touting its futuristic design and impressive performance capabilities. Pre-orders for the electric truck have already surpassed expectations.: Here’s why banks, credit card companies are wary of buy now, pay later loans