The Daily Money: Buy now, pay later and later

Delinquencies are rising at buy now, pay later companies. What will they do about it? ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW   Monday, October 17 Hello Daily Money subscribers. I'm Elisabeth Buchwald and boy am I thankful the Yankees won last night because my Monday would've been a lot worse if they didn't. Hoping for another win tonight in a make-or-break game five.  Post-season baseball aside, today is the final day for people who got an extension to file their taxes. That applies to 19 million people who filed extensions leading up to the April deadline, a record level. Why the surge in extensions? Some taxpayers hoped the IRS would extend the deadline. Others worried that some last-minute tax changes could be around the corner from Congress. And many weren't sure how to calculate the child tax credit or the recovery rebate credit. Buy now, pay late Buy now, pay later companies are seeing delinquencies rise as demand grows with inflation at a nearly 40-year high.  Traditional lenders, like banks and credit card companies, automatically dial back lending particularly to riskier borrowers when delinquencies inch up to limit future losses. But it's not clear if buy now, pay later companies will do the same. At the same time, if they start denying more applications many of their customers will be left with few, if any, financing alternatives. That's because their customer base is primarily comprised of younger, lower-income consumers who either don't have a credit history or don't have a high enough credit score to qualify for traditional credit offerings.  📰 More stories you shouldn't miss 📰 Health care costs are an outlier: Inflation is near a four-decade high. So why aren't health care costs significantly higher? Magic Johnson, Phil Knight and more: Read the four best business books by sports professionals Video games teach important lessons: Play some 'Financial Football' designed by Visa to learn more about cybersecurity About The Daily Money  Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. Elisabeth Buchwald is a personal finance and markets correspondent for USA TODAY. Inflation is causing more users to use buy now, pay later loans but... Buy now, pay later companies like Affirm and Afterpay are seeing delinquencies tick up. That may cause them to deny access to certain users. After being locked out of Twitter, Ye to buy 'free speech' platform... Florida caught in cycle of rebuilding from storms Working abroad: the safest places for female digital nomads Over-the-counter hearing aids are available—what to know before... After 80% population drop in 4 years, Alaska cancels snow crab season Beyond Meat exec leaves company following arrest for biting a man's... The S&P 500, Dow and Nasdaq rise as corporate earnings season begins Muscle car theft ring busted after holdup of postal worker Holiday shoppers are already wary about the season. What it could...   Problem viewing email? View in browser Unsubscribe • Manage Newsletters • Terms of Service • Privacy Policy/Your California Privacy Rights • Privacy Notice • Do Not Sell My Info/Cookie Policy • Feedback © 2022 USA TODAY, a division of Gannett Satellite Information Network, LLC. 7950 Jones Branch Drive, McLean, VA 22102