With Black Friday today and amidst rising living costs, BNPL services will see increased use.
While this convenience provides short-term financial flexibility, it also raises concerns about potential over-indebtedness, particularly for consumers already facing economic strain.
The transparency of credit data plays a critical role in mitigating these risks, this is why Qlarifi was founded. Currently, the lack of real-time, comprehensive insights into a consumer's BNPL usage can obscure their financial standing, leading to uninformed borrowing decisions.
By capturing BNPL repayment histories across the industry, lenders and consumers alike can gain a clearer picture of financial health. This fosters responsible borrowing, reduces the risk of overextension, and builds trust in these services.
For many, BNPL is becoming a tool to manage immediate financial pressures, from holiday shopping to essential household expenses. However, without visibility across multiple BNPL providers, consumers may unintentionally over-leverage.
Transparent reporting like Qlarifi’s that aggregate BNPL data will provide consumers with the clarity they need to make informed spending decisions during high-spend periods like Black Friday, ensuring affordability and financial stability in an increasingly challenging economic environment.
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