In this interview with Marketplace, Associate Professor Cliff Robb and Human Ecology alum Associate Professor Nilton Porto (PhD 2014) discuss “buy now-pay later’ model for consumers and if it’s a better deal:
“These newer technologies can introduce negative credit impacts that people may not be aware of if they haven’t really read the fine print and the agreements,” Robb said.
Walmart’s decision [to eliminate its layaway program] sparked backlash from consumers who said that layaway is helpful for low-income families trying to buy gifts for their families.
Nilton Porto, an associate professor of personal finance at the University of Rhode Island, said the removal of layaway isn’t a surprise. He said the rise of technology has enabled companies to more easily provide customers with small-dollar loans (an option traditional banks typically don’t offer, in part due to worries about future regulatory action). ”
Source: Marketplace, for the full interview see the link below