This is concerning: Annual "Buy Now, Pay Later" (BNPL) transaction volume is expected to reach a record 116.7 billion in 2025. That would be double the 2022 total and 7 times higher than in 2020. BNPL use is exploding as consumers are increasingly searching for ways to borrow for spending. A LendingTree survey showed that ~25% of users now rely on BNPL to buy groceries, up sharply from 14% last year. Meanwhile, almost 25% of BNPL users missed at least one payment in 2025, up from 15% in 2021, according to Fed data. Americans are piling on debt like never before.(The Kobeissi Letter)