‘It’s lending on steroids’: How Buy Now, Pay Later companies are meeting an influx of demand despite higher costs | CNN Business

New York CNN  — 

In good economic times and bad, people’s self-control to spend within their means on gifts during the holiday season flies out the window. For decades, credit cards bore the brunt of compulsive holiday spending habits. But increasingly, they’re sharing the spotlight with Buy Now, Pay Later companies.

On Cyber Monday, BNPL purchases hit an all-time high, up 43% from a year ago, according to Adobe Analytics. The number of items per order also rose 11% annually as shoppers used BNPL for larger purchases.

Like credit cards, these companies allow customers to make

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