Many younger consumers have a love-hate relationship with credit.They are comfortable borrowing for specific purposes, such as paying for school, buying a car but are uncomfortable carrying credit card balances, partly because they saw their parents struggle with debt during the financial crisis.
Many consumers — millennials in particular — have a love-hate relationship with credit. They are comfortable borrowing for specific purposes, such as paying for school, buying a car or even financing a dream wedding. But research conducted by banks and fintechs has found that many younger Americans are uncomfortable carrying credit card balances, partly because they saw their parents struggle with debt during the financial crisis and prefer the more certain repayment terms of installment loans. This affinity for more straightforward credit products helps explain why so many banks and fintechs are now offering personal loans that consumers can use to consolidate debt, finance big-ticket purchases and, increasingly, buy smaller items too.
https://www.americanbanker.com/news/why-point-of-sale-lending-is-hot-right-now
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