Just a few years ago, “Buy Now, Pay Later” (BNPL) apps like Afterpay, Klarna, and Affirm were everywhere—promising shoppers a way to split purchases into easy, interest-free installments. But what started as a retail revolution is now showing cracks. Late payments, rising interest rates, and tighter lending rules are reshaping the industry. Consumers are feeling the squeeze, and regulators are watching closely. Here’s why BNPL’s golden age may be ending—and what that means for shoppers who relied on it.
