By Aijaz Alam
How many Americans use buy now, pay later?
16% of US adults used buy now, pay later in the 12 months before the Federal Reserve's Survey of Household Economics and Decisionmaking, fielded in October 2025, up from 15% a year earlier and 10% in 2021. Use is highest among Black (29%) and Hispanic (26%) adults and adults under 30 (22%), and 26% of users paid late.
- 16%US adults who used buy now, pay later in the prior 12 monthsFederal Reserve SHED, Oct 2025
- 26%BNPL users who were late making a paymentFederal Reserve SHED, Oct 2025
- 11%BNPL users whose BNPL payment triggered a bank overdraft or NSF feeFederal Reserve SHED, Oct 2025
- 21.2%US consumers with a credit record who took out at least one BNPL loanCFPB, 2022 lender data
- 49%BNPL users who bought clothing or accessories with itFederal Reserve SHED, Oct 2025
The numbers
The full breakdown
US adults who used buy now, pay later in the prior 12 months, and users who paid late, by group (2025)
| Group | Used BNPL | Paid late (among users) |
|---|---|---|
| Family income less than $25,000 | 18% | 40% |
| $25,000 to $49,999 | 23% | 33% |
| $50,000 to $99,999 | 18% | 25% |
| $100,000 or more | 12% | 11% |
| Ages 18-29 | 22% | 32% |
| Ages 30-44 | 21% | 31% |
| Ages 45-59 | 17% | 22% |
| Ages 60+ | 9% | 12% |
| White | 12% | 21% |
| Black | 29% | 32% |
| Hispanic | 26% | 26% |
| Asian | 11% | 16% |
| Men | 14% | 23% |
| Women | 19% | 27% |
| All US adults | 16% | 26% |
Federal Reserve, Economic Well-Being of U.S. Households in 2025, table 41. The Fed says the gaps by race and ethnicity remain after controlling for income and age.
Late payments, fees and credit understanding among US BNPL users (2025)
| Measure | Share |
|---|---|
| Users who were late making a payment | 26% |
| Users who were charged extra for paying late | 17% |
| Users whose BNPL payment triggered a bank overdraft or NSF fee | 11% |
| Users charged a late fee who also had an overdraft or NSF fee from a BNPL payment | 38% |
| Users who wrongly agreed that on-time payments help their credit score | 53% |
| Users who answered both credit questions correctly | 14% |
Federal Reserve SHED 2025. At the time of the survey, BNPL purchases and on-time payments did not affect credit histories or credit scores at any of the three major credit bureaus.
Main reason for using buy now, pay later, by family income (2025)
| Main reason | Less than $25,000 | $25,000 to $49,999 | $50,000 to $99,999 | $100,000 or more | All users |
|---|---|---|---|---|---|
| Wanted to spread out payments | 25% | 27% | 31% | 38% | 31% |
| Only way I could afford it | 40% | 37% | 32% | 15% | 29% |
| Avoid interest charges | 9% | 11% | 13% | 26% | 16% |
| Convenience | 13% | 14% | 12% | 12% | 12% |
| Did not want to use a credit card | 2% | 3% | 5% | 6% | 4% |
| Wanted a fixed number of payments | 3% | 4% | 2% | 1% | 2% |
| Only accepted payment method I had | 2% | 1% | 1% | 1% | 1% |
Among adults who used BNPL in the past year; table 42. 2025 was the first year the survey asked for the main reason, so earlier years are not comparable.
What US BNPL users bought with it in the prior year (2025)
| Purchase type | Users |
|---|---|
| Clothing or accessories | 49% |
| Electronics | 32% |
| Furniture or appliances | 26% |
| Groceries or food delivery | 20% |
| Travel expenses | 19% |
| Medical or veterinary procedures | 8% |
| Other | 16% |
Users could name more than one type. Of those who used BNPL for groceries or food delivery, 45% said the main reason was that it was the only way they could afford the purchase.
BNPL use among US consumers with a credit record, lender data (CFPB)
| Measure | 2022 | 2021 |
|---|---|---|
| Consumers with a credit record who financed at least one purchase with BNPL | 21.2% | 17.6% |
| Borrowers who were heavy users (more than one loan a month on average) | About 20% | 18% |
| Average number of BNPL loans per borrower | 9.5 | 8.5 |
| Borrowers with multiple BNPL loans at the same time | Approximately 63% | Not given |
| Borrowers with loans from more than one BNPL lender | 33% | Not given |
CFPB release of 13 Jan 2025 (archived), loan data from six large BNPL firms (Affirm, Afterpay, Klarna, PayPal, Sezzle and Zip) matched to deidentified credit records.
Over time
US adults who used buy now, pay later, every year the Federal Reserve has asked
| Survey year | Used BNPL | Paid late (among users) |
|---|---|---|
| 2021 | 10% | 15% |
| 2022 | 12% | 17% |
| 2023 | 14% | 18% |
| 2024 | 15% | 24% |
| 2025 | 16% | 26% |
Federal Reserve SHED reports for 2021 to 2025, each fielded in October. 2021 was the first year the survey asked about BNPL. Late shares for 2021 and 2024 are from figure 33 of the 2025 report. The 2025 report's text says use was 'up from 15 percent in 2025', apparently a typo for 2024; the 15% for 2024 is the 2024 report's own figure, and figure 33 shows the same.
Why sources differ
Same question, different answers
| Number | When | Who measured | Why it differs |
|---|---|---|---|
| 16% | Year to Oct 2025 | Federal Reserve Board, SHED | Survey of US adults, self-reported use in the past 12 months |
| 21.2% | 2022 | CFPB | Consumers with a credit record, from six lenders' loan data matched to credit files |
| 17.6% | 2021 | CFPB | Same lender-data measure a year earlier; the Fed survey put 2021 use at 10% |
| $20B | Nov-Dec 2025 | Adobe Analytics (vendor) | Dollar value of online holiday spending paid with BNPL, not a share of people |
BNPL figures differ mainly because of how they are collected.
The Federal Reserve asks a large sample of adults whether they used BNPL in the past year, and 16% said yes in 2025. Surveys rely on memory and on people knowing that a pay-in-four plan at checkout counts as BNPL, so they may undercount.
The CFPB counted actual loans. It matched loan records from six large lenders to credit files and found 21.2% of consumers with a credit record took out a BNPL loan in 2022. That base leaves out adults with no credit record, and the data cover only those six firms, but it measures use directly. For 2021 the gap is wide: 17.6% in the CFPB loan data against 10% in the Fed survey.
Other BNPL numbers are not shares of people at all. Adobe's $20 billion is online holiday spending paid with BNPL, and many private surveys ask only online shoppers or only people with a recent purchase. Check the base before comparing.
What it means
How to use these numbers
About one in six US adults now uses buy now, pay later in a year, and the share has risen every year since the Fed first asked in 2021. It is more common among adults under 60, Black and Hispanic adults, women and households earning under $100,000.
For many users it is a budgeting tool, not a convenience: 29% said the main reason was that it was the only way they could afford the purchase, rising to 40% of users with family income under $25,000. One in five used it for groceries or food delivery.
The risks are real but not universal. 26% of users paid late and 11% had a BNPL payment trigger a bank overdraft or NSF fee, because most plans take payments automatically from a checking account. Lower-income and younger users were the most likely to pay late.
Users also misread how it affects credit: 53% wrongly thought on-time payments help their credit score.
Method and sources
How it was measured
Method
- Federal Reserve Board
- Survey of Household Economics and Decisionmaking (SHED), fielded October 2025; report Economic Well-Being of U.S. Households in 2025, published 13 May 2026; US adults, self-reported use in the prior 12 months
- CFPB
- Consumer Use of Buy Now, Pay Later and Other Unsecured Debt, released 13 Jan 2025; loan-level data from six BNPL firms matched to deidentified credit records, 2021 and 2022
- Definition
- Buy now, pay later: a purchase paid in a small number of equal instalments, usually four, often with no interest
- Adobe
- Adobe Analytics, online holiday spending paid with BNPL, 1 Nov to 31 Dec 2025; vendor data
- Last changed
- 31 Oct 2026
- Data files
- CSV · JSON (stable links)
Sources
- Federal Reserve Board publications (SHED report, FEDS Notes, speeches), Board of Governors of the Federal Reserve System Official data
- CFPB research on Buy Now, Pay Later, Consumer Financial Protection Bureau Official data
- Adobe Digital Insights / Adobe Analytics press releases, Adobe Vendor data
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FAQ
More questions people ask
Who uses buy now, pay later the most?
Black (29%) and Hispanic (26%) adults, adults 18 to 29 (22%) and 30 to 44 (21%), and households earning $25,000 to $49,999 (23%), according to the Federal Reserve's 2025 survey.
How many BNPL users pay late?
26% of BNPL users were late making a payment in 2025, and 17% of users were charged extra for it. Among users with income under $25,000, 40% paid late.
Does buy now, pay later help your credit score?
At the time of the Fed's 2025 survey, no: BNPL purchases and on-time payments did not affect credit histories or scores at any of the three major credit bureaus. 53% of users wrongly thought on-time payments helped their score.
What do people buy with buy now, pay later?
Mostly clothing or accessories (49% of users), electronics (32%) and furniture or appliances (26%). 20% used it for groceries or food delivery.
Every number on this page was checked at its original source (Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Adobe). Free to cite with a link to this page.