Jul 16, 2022 - Economy

1. The fastest-growing form of debt

Illustration of President Grant's image from a $50 dollar bill next to a hand holding an old watch surrounded by various shapes

Illustration: Sarah Grillo/Axios

Buy-now-pay-later, or BNPL, is a rapidly growing but controversial way for consumers to borrow money to pay for goods and services. Think of it as the Gen Z credit card.

Why it matters: The young BNPL industry has yet to be tested through an economic downturn. The next recession, if and when it comes, could put serious strains on borrowers and lenders alike.

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