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Since last fall, Americans have been using buy now pay later programs as a crutch to deal with Bidenomics, but now those payments are coming due, and putting them off might land you in even more trouble.
Lone Star College Economist Dr. Hank Lewis told KTRH, "If you don't pay those off within about a 120 days, they cause a huge cannon hole in your credit rating."
He said that because people don't have the option to avoid paying car payments and mortgages, people are more likely to stop paying on these programs, which if they do to much, could ruin their credit scores.
Lewis says the long term cost to consumers and the economy is still unknown, and that's what concerns him the most.