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NEW YORK (AP) — More shoppers than ever are on track to use ‘buy now, pay later’ plans this holiday season, as the ability to spread out payments looks attractive at a time when Americans still feel the lingering effect of inflation and already have record-high credit card debt. The data firm Adobe Analytics predicts shoppers will spend 11.4% more this holiday season using buy now, pay later than they did a year ago. The company forecasts shoppers will purchase $18.5 billion worth of goods using the third-party services for the period Nov. 1 to Dec. 31, with $993 million worth of purchases on Cyber Monday alone. Buy now, pay later can be particularly appealing to consumers who have low credit scores or no credit history, such as younger shoppers, because most of the companies providing the service run only soft credit checks and don’t report the loans and payment histories to the credit bureaus, unlike credit card companies. This holiday season, buy now, pay later users can also feel more confident if a transaction goes awry. In May, the CFPB said buy now, pay later company must adhere to other regulations that govern traditional credit, such as providing ways to demand refunds and dispute transactions. To use a buy now, pay later plan, consumers typically sign up with bank account information or a debit or credit card, and agree to pay for purchases in monthly installments, typically over eight weeks or more. The loans are marketed as requiring no or low interest, or only conditional fees, such as for late payment. Klarna, Afterpay and Affirm are three of the biggest buy now, pay later companies. But consumer advocates warn that shoppers who sign up for the payment plans using a credit card can be hit with more interest and fees. That's because individuals open themselves up to interest on the credit card payment, if it's carried month to month, on top of any late fees, interest, or penalties from the buy now, pay later loan itself. Experts advise against using a credit card to pay for these plans for this reason. Consumer watchdogs also say the plans lead consumers to overextend themselves because, for example, not paying full price up front leaves, in the shopper’s mind at least, more money for smaller purchases . They also caution consumers to keep careful track of using multiple buy now, pay later services, as the automatic payments can add up, and there is no central reporting, such as with a credit card statement. “Buy now, pay later can be an innovative tool for purchases you’re going to make anyway,” said Mark Elliott, chief customer officer at financial services company LendingClub. “The challenge is that it does fuel overspending.” For merchants, that’s part of the appeal. Retailers have found that customers are more likely to have bigger cart sizes or to convert from browsing to checking out when buy now, pay later is offered. One report from the Federal Reserve Bank of New York cited research that found customers spend 20% more when buy now, pay later is available. “The reality is that the increased cost-of-living and inflation have put more people in a situation where they’re already relying on revolving credit,” Elliott said. “The psychographics of ‘buy now, pay later’ may be different — people don’t think of it as debt — but it is.” If a consumer misses a payment, they can face fees, interest, or the possibility of being locked out of using the services in the future. Emily Childers, consumer financial expert for personal-finance technology company Credit Karma, said that internal data shows member credit card balances are up more than 50% for Gen Z and millennial members since March 2022, when the Fed started raising interest rates. “Young people are entering this holiday season already in the red,” she said. “And, based on what we’re seeing in the data, they’re continuing to bury their heads in the sand and spend.” The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.Girona 4-1 Espanyol, La Liga: Bojan Miovski Strikes Twice As Hosts Dominate With First-Half Blitz
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South Korea Passes Resolution to Swiftly Arrest Yoon Suk-yeol: Parliament Action Sparks AttentionTitle: How to Choose Headphones on Double 12? For Great Sound Quality, Choose Samsung Galaxy Buds3 Series
The arrest of President Yoon Suk-yeol has exposed deep divisions within South Korean society and raised concerns about the country's political future. The turmoil within the government has also created a sense of uncertainty and instability, as the nation grapples with the aftermath of this unprecedented event.The Cincinnati Bearcats men's basketball team has gotten off to a fast start this season in more ways than one. The No. 16 Bearcats have raced to a 5-0 record while outscoring their opponents by more than 31 points per game, with just one team (Northern Kentucky) coming within 16 points. Cincinnati is averaging a robust 87 points per game with one of the more efficient offenses in college basketball. Cincinnati will look to continue that hot streak when it plays host to Alabama State in nonconference action Wednesday evening. Cincinnati has punished opposing defenses in a variety of ways this season. Despite being the No. 14 offense in the nation in Ken Pomeroy's efficiency ratings, the Bearcats aren't among the nation's leaders in pace. Still, they take advantage of those opportunities when they are there. "Us playing fast is something we want to do," Cincinnati forward Dillon Mitchell said. "When I was being recruited here, that was something Coach (Wes) Miller wanted to do. "There could be games where we're not making shots or something is off, but one thing is we're gonna push the ball, play hard and play fast. That's something he preaches. We'll be in shape and get rebounds." Mitchell is fresh off a double-double with 14 points and 11 rebounds in Cincinnati's 81-58 road win at Georgia Tech Saturday. He is one of four Bearcats to average double figures in scoring this season. That balance was on display once again against the Yellow Jackets, with Connor Hickman and Jizzle James also scoring 14 points each and Simas Lukosius contributing 12 points. In that game, Cincinnati sank 51.6 percent of its shots while regularly getting out into transition with 16 fastbreak points, while winning the rebounding battle 36-29. "Any time you get a road win over a quality, Power 4 team, you're gonna feel good about it," Miller said. "I was pleased with our effort." Lukosius is scoring 16.6 points per game, while James is at 14.0 points, followed by Mitchell at 12.4, while he also grabs a team-best 8.6 rebounds. Alabama State (3-3) has a tough task ahead, especially when considering its 97-78 loss at Akron Sunday, which ended a three-game winning streak. The Hornets allowed the Zips to shoot 46.4 percent from the field and were 53-32 in the rebounding battle. Alabama State gave up a season high in points, after playing the likes of LSU and UNLV earlier this season. Akron standout Nate Johnson lit up Alabama State for 25 points, as the game got away from the Hornets in the second half to keep them winless in true road games. Alabama leading scorers CJ Hines and TJ Madlock still got theirs against Akron, scoring 19 and 17 points, respectively. They were joined in double figures by reserve Tyler Mack (18 points), but recent history says they'll need more help to keep up with the Bearcats. Hines leads the Hornets with 15.7 points per game, while Madlock contributes 14.5 points. In previous Akron Basketball Classic wins last week against Omaha and Lamar, Alabama State featured at least four double-digit scorers in each game. --Field Level MediaFather of female runner forced to compete with trans athlete shares fury of situation: 'Can't even digest it'
'Lies and deceit suffered a crushing defeat': PM Modi on Mahayuti's landslide win in Maharashtra
Economists say companies would have little choice but to pass along the added costs, dramatically raising prices for food, clothing, automobiles, booze and other goods. The president-elect floated the tariff idea, including additional 10% taxes on goods from China, as a way to force the countries to halt the flow of illegal immigrants and drugs into the U.S. But his posts Monday on Truth Social threatening the tariffs on his first day in office could just be a negotiating ploy to get the countries to change behavior. High food prices were a major issue in voters picking Trump over Vice President Kamala Harris, but tariffs almost certainly would push those costs up even further. For instance, the Produce Distributors Association, a Washington trade group, said Tuesday that tariffs will raise prices for fresh fruit and vegetables and hurt U.S. farmers when other countries retaliate. “Tariffs distort the marketplace and will raise prices along the supply chain, resulting in the consumer paying more at the checkout line,” said Alan Siger, association president. Mexico and Canada are two of the biggest exporters of fresh fruit and vegetables to the U.S. In 2022, Mexico supplied 51% of fresh fruit and 69% of fresh vegetables imported by value into the U.S., while Canada supplied 2% of fresh fruit and 20% of fresh vegetables. Before the election, about 7 in 10 voters said they were very concerned about the cost of food, according to AP VoteCast, a survey of more than 120,000 voters. “We’ll get them down,” Trump told shoppers during a September visit to a Pennsylvania grocery store. The U.S. is the largest importer of goods in the world, with Mexico, China and Canada its top three suppliers, according to the most recent U.S. Census data. People looking to buy a new vehicle likely would see big price increases as well, at a time when costs have gone up so much that they are out of reach for many. The average price of a new vehicle now runs around $48,000. About 15% of the 15.6 million new vehicles sold in the U.S. last year came from Mexico, while 8% crossed the border from Canada, according to Global Data. Much of the tariffs would get passed along to consumers, unless automakers can somehow quickly find productivity improvements to offset them, said C.J. Finn, U.S. automotive sector leader for PwC, a consulting firm. That means even more consumers “would potentially get priced out of the activity” of buying a new vehicle, Finn said. Hardest hit would be Volkswagen, Stellantis, General Motors and Ford, Bernstein analyst Daniel Roeska wrote Tuesday in a note to investors. Stellantis and VW import about 40% of the vehicles they sell from Canada and Mexico, while it's 30% for GM and 25% for Ford. GM and Stellantis import more than half of their high-profit pickup trucks from the two countries, according to Bernstein. If Trump does impose the tariffs in January, the auto industry would have little time to adjust, putting operating profits at risk for the automakers, Roeska said in an email. “A 25% tariff on Mexico and Canada would severely cripple the U.S. auto industry,” he said. The tariffs would hurt U.S. industrial production so much that “we expect this is unlikely to happen in practice,” Roeska said. The tariff threat hit the stocks of some companies that could be particularly hurt, such as auto manufacturers and Constellation Brands, which sells Modelo and other Mexican beer brands in the United States. But the overall market held relatively steady near records as investors saw Trump’s proposal as more of an opening position for negotiations rather than as a definitive policy. It's not clear how long the tariffs would last if they are implemented, but they could force auto executives to move production to the U.S., which could create more jobs in the long run. But Morningstar analyst David Whiston said in the short term automakers probably won't make any moves because they can't quickly change where they build vehicles. To move to the U.S., they would have to buy equipment and revamp their parts supply chain, which can take years. “I think everyone is going to be in a wait-and-see mode,” Whiston said. Millions of dollars worth of auto parts flow across the borders with Mexico and Canada, and that could raise prices for already costly automobile repairs, Finn said. The Distilled Spirits Council of the U.S. said tariffs on tequila or Canadian whisky won’t boost American jobs because they are distinctive products that can only be made in their country of origin. In 2023, the U.S. imported $4.6 billion worth of tequila and $108 million worth of mezcal from Mexico and $537 million worth of spirits from Canada, the council said. “At the end of the day, tariffs on spirits products from our neighbors to the north and south are going to hurt U.S. consumers and lead to job losses across the U.S. hospitality industry just as these businesses continue their long recovery from the pandemic,” the council said in a statement. Electronics retailer Best Buy said on its third-quarter earnings conference call that it runs on thin profit margins, so while vendors and the company will shoulder some increases, Best Buy will have to pass tariffs on to customers. “These are goods that people need, and higher prices are not helpful,” CEO Corie Barry said. Walmart also warned this week that tariffs could force it to raise prices, as did Footwear Distributors and Retailers of America. Canadian Prime Minister Justin Trudeau, who talked with Trump after his call for tariffs, said they had a good conversation about how the countries can work together on the challenges they face. "This is something that we can do, laying out the facts and moving forward in constructive ways. This is a relationship that we know takes a certain amount of working on and that’s what we’ll do,” Trudeau said. Trump's transition team wouldn't comment on the call. Also Monday, Trump turned his ire to China, saying he has “had many talks with China about the massive amounts of drugs, in particular Fentanyl, being sent into the United States – But to no avail.” The Chinese Embassy in Washington cautioned on Monday that there will be losers on all sides if there is a trade war. Trump's threats come as arrests for illegally crossing the border from Mexico have been falling . The most recent U.S. numbers for October show arrests remain near four-year lows. But arrests for illegally crossing the border from Canada have been rising over the past two years. Much of America’s fentanyl is smuggled from Mexico. Border seizures of the drug rose sharply under President Joe Biden. The tariffs would also throw into doubt the reliability of the 2020 trade deal brokered in large part by Trump with Canada and Mexico, the USMCA, which replaced NAFTA and is up for review in 2026. Trump transition team officials did not immediately respond to questions about what authority he would use, what he would need to see to prevent the tariffs from being implemented and how they would impact prices in the U.S. Mexico’s Foreign Relations Department and Economy Department also had no immediate reaction to Trump’s statements. ___ Rugaber reported from Washington. AP reporters Dee-Ann Durbin in Detroit, Stan Choe and Anne D'Innocenzio in New York, and Rob Gillies in Toronto contributed to this report.
In addition to the challenging gameplay, the update also provided a glimpse of the game's expansive travel map. Spanning vast and diverse landscapes, the travel map promises a rich and immersive gaming experience filled with hidden treasures, dynamic environments, and engaging side quests. Players will have the opportunity to explore a world teeming with mythological creatures, legendary landmarks, and breathtaking scenery that will leave them in awe of the game's attention to detail and artistry.
William & Mary’s football playoff hopes evaporate in one-sided loss at RichmondIn conclusion, the unexpected announcement of a speech and press conference by the Bank of Japan has fueled speculation about the possibility of a rate hike, leading to a surge in market expectations. As the financial world awaits further clarity from the BOJ, all eyes will be on the central bank's officials as they take the stage to address the pressing issues facing the economy. The outcome of the event is bound to have profound implications for global markets, positioning the BOJ's upcoming communication as a pivotal moment in the ongoing narrative of monetary policy and economic stability.Priyanka retains Wayanad LS seat for Congress with huge margin of 4.1lakh votes