Discussion Paper
How Does Buy Now, Pay Later Affect Customers’ Credit?
Doubinko, Valeria Zeballos; Akana, Tom (2023-09-29)
This paper explores the relationship between consumers’ use of buy now, pay later (BNPL) and their credit reports. We conduct this analysis to evaluate concerns that BNPL use could negatively affect consumers’ financial health.
Consumer Finance Institute discussion papers , Paper DP23-01

Discussion Paper
How Does Buy Now, Pay Later Affect Customers’ Credit?
Doubinko, Valeria Zeballos; Akana, Tom (2023-09-28)
In this paper, we explore the relationship between consumers’ use of buy now, pay later (BNPL) and their credit reports. BNPL is a deferred payment tool that allows consumers to split transactions into four payments over six weeks. Unlike many other financial products, it is offered primarily by fintech companies and advertised to consumers as free from fees and credit checks. These providers typically do not report a consumer’s use of BNPL and subsequent repayment behavior to credit bureaus, which makes studies of BNPL users’ credit more challenging. In this analysis, however, we ...
Community Affairs Discussion Paper , Paper 23-01

Report
Under Pressure: Financial Stress and Housing Payments
Akana, Tom; Lambie-Hanson, Lauren; Doubinko, Valeria Zeballos (2025-09-30)
This report uses the Federal Reserve Bank of Philadelphia’s July 2025 LIFE Survey to study the recent experiences of both homeowners and renters, examining their ability to make housing payments, financial shocks they have experienced, and the strategies and tools they employ to make ends meet. Responses from the July 2025 edition of the LIFE Survey reveal that large proportions of both homeowners and renters faced financial disruptions such as income loss, job separations, and increases in household costs, including rent, property taxes, and insurance. Renters and FHA loan holders were ...
Consumer Finance Institute Research Briefs and Special Reports

Report
4-in-6 Payment Products — Buy Now, Pay Later: Insights from New Survey Data
Akana, Tom; Doubinko, Valeria Zeballos (2024-02-22)
Since 2019, buy now, pay later (BNPL) lending products have experienced rapid growth in transaction volume and garnered significant attention from consumers, researchers, and regulators.2 In particular, BNPL products that use an interest-free, 4-payments-in-6 weeks (4-in-6) structure have been examined closely because of concerns that their unique characteristics could pose risk to vulnerable consumers as well as to lenders across credit markets.
Consumer Finance Institute Research Briefs and Special Reports