The other day, I went to buy my first big Christmas gift of the year, and there it was, on the checkout page: Would I like to split this purchase up into four easy interest-free payments?

Parting with a smaller amount of money to get something you want sooner is a compelling offer. So compelling that half of all shoppers in the United States plan to use so-called “buy now, pay later,” or BNPL, services for holiday shopping this year, according to a PayPal survey. The same survey showed that one in four millennials and Gen Z-ers use payment options like Affirm and Klarna on a regular basis. These are the same young people who are having a hard time finding a job, struggling to pay overdue student loan bills, and dealing with rising food prices. That might be why it felt so dark when DoorDash announced a partnership with Klarna earlier this year, ushering in an era where people are taking out loans to pay for their takeout.

As affordability becomes the dominant issue in American politics, the holiday shopping season feels different this year. Everything is more expensive, sure. But with BNPL options being offered by everyone from fintech startups to major banks, it’s also easier than ever to finance purchases you couldn’t otherwise afford. Meanwhile, the Trump administration has taken some of the guardrails off this shadowy lending industry, leaving consumers more vulnerable to unexpected fees........

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