Phantom debt is having a 'seismic impact' on consumer credit [Yahoo! Finance]
Macy's Inc (M)
Last macy's inc earnings: 2/25 06:55 am
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Source: Yahoo! Finance
Parallel to consumer trends, retailer Macy's ( M ) reported credit card delinquencies to have risen 8.9% in the last year while more "buy now, pay later (BNPL)" borrowers are late on their payments. Splitit CEO Nandan Sheth sits down with Brad Smith on Wealth! to discuss the "phantom debt" in credit markets perpetuated by BNPL plan s. Phantom debt is traditionally characterized as old, forgotten, already defaulted, or debt that does not exist that collectors still seek repayment for, which in this case is specific to BNPL payments that aren't closely monitored by credit agencies. "We just did a survey and it noted that one-third of individuals that sign up for a 'buy now, pay later' plan do not know that they're originating a new loan. And as you know, those plans are not being reported to the credit bureaus, so it's hidden from the ecosystem," Sheth says. "You probably also noticed today... that the CFPB announced that they're going to regulate 'buy now, pay later' on par with cr
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