Buy now, pay later is a huge hit with shoppers. Just how dangerous is it? | CNN

Lissette Monzon still feels a little guilty about a “crazy” purchase she made three years ago.

Monzon, 54, a high school English teacher in Florida, bought a $700 pair of Valentino boots in October 2018. Actress Blake Lively had been photographed wearing the mauve-colored footwear in Paris. Monzon saw the picture and fell in love.

“It was a lot of money for me, and I paid them off little by little,” she told CNN Business.

Monzon paid using Klarna, one of the several booming buy now, pay later services that let shoppers purchase products and pay in installments, often without incurring interest. Though Monzon had no trouble making her six repayments, the spending was out of character.

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