The Buy Now Pay Later Takeover | Fake Money | 3

I'm David Brown, and this is Business Wars. Buy now, pay later services have reshaped the way we purchase things. They've turned big ticket items into little treats. Instead of throwing that new jacket on a credit card, you could make four small interest free payments. And that's not debt. That's a budgeting hack. Yeah. Right. These payments may be minor. They may seem small at first, but the debt can really start to snowball. More than 60% of buy now, pay later customers have multiple loans out at once. Luxury purchases are still the most common application, but a growing number of people are also using these apps to fund necessities like groceries and medical bills as prices for everyday goods continue to climb. And now the credit scoring company FICO has announced that it will factor buy now pay later loans into its models. That could have big consequences for regular users of those apps who might have considered them safer than credit cards. Financial technology or fintech became popular over the past decade and a half because it made banking more accessible and convenient. But have we started putting too much trust into apps like Chime, Cash App, and Klarna? Or have these services come full circle, proving to be no better or safer than the traditional banks they sought to replace? Adam Clark Estes is a senior technology correspondent for Vox, and he's written about fintech and tried out a lot of services for himself. He's sharing what he learned, like which ones to trust and when and how these apps affect our growing affordability crisis. Later, Annie Joy Williams of The Atlantic talks with us about a pattern she noticed in the marketing of these buy now, pay later apps. Some campaigns contained a whole lot of pink plus cute colorful murals and collaborations with y two k divas. It looked to her like the apps were targeting young women, so she started to dig. Annie Joy explains what she found in her reporting and how she was also pulled into the buy now, pay later cycle as a young college student. We'll look at the future of these services in a world where more and more young people claim that money is fake despite the very real consequences of debt. All that's coming up. As a business owner, Jennifer Garner knows it takes hard work and patience to keep growing. So finding a serious business card that goes the extra mile was important for the success of Once Upon a Farm. That's why they chose the Capital One Venture x business card. With unlimited double miles on every purchase, they have big purchasing power so they can spend more and earn more. The Capital One Venture x business card, what's in your wallet? Terms apply. See capital1.com for details. Have you guys heard about this polar bear? He did the Pepsi challenge and chose Pepsi zero sugar. Isn't that right, mister bear? Interesting. So …